ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 09827929

METAL (K) TRADING LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

METAL (K) TRADING LTD

COMPANY INFORMATION

Directors	Anil Kapur
	Shiv Avtar Jindal


Registered number	09827929


Registered office	950 Great West Road
	Brentford
	TW8 9ES


Independent auditors	Bayar Hughes & Co Limited
	Statutory Auditors & Chartered Certified Accountants
	238 Green Lane
	New Eltham
	London
	SE9 3TL

METAL (K) TRADING LTD

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Statement of financial position	10
Statement of changes in equity	11 - 12
Statement of cash flows	13
Notes to the financial statements	14 - 24

METAL (K) TRADING LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

Introduction

The directors present their strategic report for Metal (K) Trading Ltd (the 'Company') for the year ended 31 October 2025.

Business review

Since 16 October 2015, Metal (K) Trading Limited has been actively engaged in the trading of metal scraps and minerals. The company's primary activity in this sector has experienced notable growth over the past financial year.

The company's turnover for the year ended 31 October 2025 was $130,679,237 (2024: $132,487,287), representing a decrease. This decline is attributable to a lower volume of transactions and an unfavorable market environment. The cost of sales for the same period was $129,774,499 (2024: $131,298,623), resulting in a gross profit of $904,738 (2024: $1,188,644). After accounting for administrative expenses, other operating income/(expenses) and tax expense, the profit for the financial year was $62,459 (2024: $54,461).

As of the balance sheet date on 31 October 2025, the company reported net assets of $592,819 (2024: $530,360) and net current assets of $586,492 (2024: $522,596). The increase in cash balances to $6,156,041 (2024: $6,910,524) demonstrates improved liquidity. The company's capital and reserves comprised called-up share capital of $252,080 and a profit and loss account balance of $340,739.

Principal risks and uncertainties

The principal risks and uncertainties are minimal as directors do not take any risk on market as the conduct of the company is to both sell and purchase at the same time, allowing them to ring fence each 'buy' and 'sell' transaction. Additionally all sales of the company are under irrevocable letters of credit and hence risk free from any non payment by the company's customers.

Operational risk encompasses risks related to the management of trading activities, such as dependence on one single largest supplier, who accounts for 99.5% of the company's supplies. However this risk is mitigated to a large extent by the presence of an exclusive long term agreement, being in place with the said supplier.

Financial key performance indicators

The directors recognise the below Key Performance Indicators represent the current economic climate and they are confident they have the policies and procedures in place to ensure that the results in the forthcoming year are maintained should the economic climate remain similar.

The directors have taken all possible measures to ensure that its trading activities are properly controlled and only trade with customers after all the checks and processes have been completed.

.	Financial Key Performance indicators

	2025	2024
Turnover ($)	130,679,237	132,487,287
Gross profit %	0.7%	0.9%
Net profit %	0.05%	0.04%

Page 1

METAL (K) TRADING LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

This report was approved by the board on 27 July 2026 and signed on its behalf.

................................................

Anil Kapur

Director

Page 2

METAL (K) TRADING LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

The directors present their report and the financial statements for the year ended 31 October 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

Results and dividends

The profit for the year, after taxation, amounted to $62,459 (2024 - $54,461).

No dividend was proposed or paid during the year.

Directors

The directors who served during the year were:

Anil Kapur

Shiv Avtar Jindal

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

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

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

METAL (K) TRADING LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Auditors

The auditors, Bayar Hughes & Co Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 July 2026 and signed on its behalf.

................................................

Anil Kapur

Director

Page 4

METAL (K) TRADING LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METAL (K) TRADING LTD

Opinion

We have audited the financial statements of METAL (K) TRADING LTD (the 'Company') for the year ended 31 October 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusion Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Page 5

METAL (K) TRADING LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METAL (K) TRADING LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of 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 Directors' responsibilities statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 6

METAL (K) TRADING LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METAL (K) TRADING LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Enquiries of management, concerning the company's policies and procedures relating to:
• Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance
• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.
• Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
• Performed analytical procedures to identify any unusual relationships.
• Tested journal entries to identify unusual transactions.
• We also obtained an understanding of the legal and regulatory frameworks that the company operates in.

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Page 7

METAL (K) TRADING LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METAL (K) TRADING LTD (CONTINUED)

Krishna Prasad Dahal (Senior statutory auditor)

for and on behalf of

Bayar Hughes & Co Limited

Statutory Auditors

Chartered Certified Accountants

238 Green Lane

New Eltham

London

SE9 3TL

28 July 2026

Page 8

METAL (K) TRADING LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 OCTOBER 2025

	31 October	31 October
	2025	2024
Note	$	$


Turnover	130,679,237	132,487,287
Cost of sales	(129,774,499)	(131,298,623)
Gross profit	904,738	1,188,664
Administrative expenses	(733,342)	(785,099)
Operating profit	171,396	403,565
Interest receivable and similar income	-	12,363
Interest payable and similar expenses	(87,409)	(332,403)
Profit before tax	83,987	83,525
Tax on profit	(21,528)	(29,064)
Profit for the financial year	62,459	54,461

Other comprehensive income for the year
Total comprehensive income for the year		62,459	54,461

The notes on pages 14 to 24 form part of these financial statements.

Page 9

METAL (K) TRADING LTD

REGISTERED NUMBER: 09827929

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2025

		2025		2024
Note		$		$

Fixed assets
Tangible assets	9		7,668		9,585
			7,668		9,585
Current assets
Debtors: amounts falling due within one year	10	13,486,859		6,923,798
Cash at bank and in hand		6,156,041		6,910,524
		19,642,900		13,834,322
Creditors: amounts falling due within one year	11	(19,056,408)		(13,311,726)
Net current assets			586,492		522,596
Total assets less current liabilities			594,160		532,181
Provisions for liabilities
Deferred tax	13	(1,341)		(1,821)
			(1,341)		(1,821)
Net assets			592,819		530,360

Capital and reserves
Called up share capital	252,080	252,080
Profit and loss account	340,739	278,280
	592,819	530,360

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 July 2026.

................................................

Anil Kapur

Director

The notes on pages 14 to 24 form part of these financial statements.

Page 10

METAL (K) TRADING LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

	Called up share capital	Profit and loss account	Total equity
	$	$	$
At 1 November 2024	252,080	278,280	530,360
Comprehensive income for the year
Profit for the year	-	62,459	62,459
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	62,459	62,459
Total transactions with owners	-	-	-
At 31 October 2025	252,080	340,739	592,819

The notes on pages 14 to 24 form part of these financial statements.

Page 11

METAL (K) TRADING LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2024

	Called up share capital	Profit and loss account	Total equity
	$	$	$
At 1 November 2023	252,080	223,819	475,899
Comprehensive income for the period
Profit for the period	-	54,461	54,461
Other comprehensive income for the period	-	-	-
Total comprehensive income for the period	-	54,461	54,461
Total transactions with owners	-	-	-
At 31 October 2024	252,080	278,280	530,360

The notes on pages 14 to 24 form part of these financial statements.

Page 12

METAL (K) TRADING LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 OCTOBER 2025

			2025	2024
			$	$

Cash flows from operating activities
Profit for the financial year	62,459	54,461
Adjustments for:
Depreciation of tangible assets	1,917	2,396
Interest paid	87,409	332,403
Interest received	-	(12,363)
(Increase)/decrease in debtors	(6,563,061)	4,670,005
Increase in creditors	5,766,933	1,288,685
(Decrease)/Increase in deferred tax	(480)	1,821
Corporation tax (paid)	(22,251)	(244)
Net cash generated from operating activities	(667,074)	6,337,164

Cash flows from investing activities
Interest received	-	12,363
Net cash from investing activities	-	12,363
Cash flows from financing activities
Interest paid	(87,409)	(332,403)
Net cash used in financing activities	(87,409)	(332,403)
Net (decrease)/increase in cash and cash equivalents	(754,483)	6,017,124
Cash and cash equivalents at beginning of year	6,910,524	893,400
Cash and cash equivalents at the end of year	6,156,041	6,910,524

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	6,156,041	6,910,524
	6,156,041	6,910,524

The notes on pages 14 to 24 form part of these financial statements.

Page 13

METAL (K) TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1.	General information

Metal (K) Trading Ltd is a private company, limited by shares, registered in England and Wales,registration number 09827929, registration address 950 Great West Road, Brentford, England, TW89ES.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentation currency is US Dollar ($). All values are rounded to the nearest US Dollar ($) except when otherwise stated.

The following principal accounting policies have been applied:

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

The following principal accounting policies have been applied:

2.2

Going concern

The company has reported profit of $62,459 (2024: $54,461). As of 31 October 2025, the Company has net assets of $592,819 (2024: $530,360) and net current assets of $586,492 (2024: $522,596). The directors have prepared a trading forecast of the Company for 12 months from the date of approval of these financial statements. The forecast show that the company is expected to generate net income notably from its trading operations.

The Director has concluded that the trading forecasts for the 12 month period from the date of approval of the financial statement provides reasonable certainty that the Company has adequate working capital resources to continue in operational existence for the foreseeable future and for these reasons continue to adopt the going concern basis of accounting in preparing these Financial Statements. .

Page 14

METAL (K) TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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 in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

METAL (K) TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	20%	on reducing balance basis
				Fixtures and fittings	-	20%	on reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 16

METAL (K) TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 17

METAL (K) TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.11

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

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

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where therevision affects both current and future periods.

In the directors view, there is no significant judgments or estimates made during the period.

Page 18

METAL (K) TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Turnover

Minerals and metal scraps	130,679,237	132,487,287
	130,679,237	132,487,287

Analysis of turnover by country of destination:

					31 October	31 October
					2025	2024
					$	$

Republic of China	130,679,237	132,487,287
	130,679,237	132,487,287

Exchange differences

3,596

1,684

6.	Employees
	Staff costs were as follows:

The average monthly number of employees, including the directors, during the year was as follows:

	31 October	31 October
	2025	2024
	No.	No.

Directors	3	3

Page 19

METAL (K) TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

	Bank interest payable	87,409	332,403
		87,409	332,403

Corporation tax
Current tax on profits for the year	22,008	22,642
	22,008	22,642

Total current tax	22,008	22,642

Deferred tax
Origination and reversal of timing differences	(480)	6,422
Total deferred tax	(480)	6,422


	Tax on profit	21,528	29,064

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METAL (K) TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

8.Taxation (continued)

Profit on ordinary activities before tax

83,987

83,525

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	20,997	20,881
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,096	1,761
Capital allowances for year/period in excess of depreciation	(480)	-
Other differences leading to an increase (decrease) in the tax charge	-	6,422
Marginal relief	(1,085)	-
Total tax charge for the year/period	21,528	29,064

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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METAL (K) TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

9.	Tangible fixed assets

	Motor vehicles	Fixtures and fittings	Total
	$	$	$
Cost or valuation
At 1 November 2024	9,019	566	9,585
At 31 October 2025	9,019	566	9,585
Depreciation
Charge for the year on owned assets	1,804	113	1,917
At 31 October 2025	1,804	113	1,917
Net book value
At 31 October 2025	7,215	453	7,668
At 31 October 2024	9,019	566	9,585

10.

Debtors

					2025	2024
					$	$


Trade debtors	13,483,578	6,920,517
Other debtors	3,281	3,281
	13,486,859	6,923,798

11.	Creditors: Amounts falling due within one year
		2025	2024
		$	$

Trade creditors	19,029,138	13,267,467
Corporation tax	22,008	44,259
Other creditors	5,262	-
	19,056,408	13,311,726

Page 22

METAL (K) TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

12.	Financial instruments
		2025	2024
		$	$

	Financial assets
	Financial assets measured at fair value through profit or loss	6,156,041	6,910,524

13.	Deferred taxation

		2025
		$

	At beginning of year	(1,821)
	Charged to profit or loss	480
	At end of year	(1,341)

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

	Additional provision made	(1,341)	(1,821)
		(1,341)	(1,821)

14.	Share capital
		2025	2024
		$	$

Allotted, called up and fully paid

252,080 (2024 - 252,080) Ordinary share shares of $1.00 each	252,080	252,080

15.

Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

2025

Page 23

METAL (K) TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

		$
At 1 November 2024	-	278,280
Profit for the year	-	62,459
At 31 October 2025	-	340,739

16.	Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.

17.

Related party transactions

As at 31 October 2025, the director Abishek Kapoor, owed the company $ Nil (2024: Nil)

The company bought goods from a company controlled by close family members of a director for $5,144,316.50 (2024: $6,630,020). This transaction was undertaken on normal commercial terms and the balance outstanding to them was $733,773.90 (2024: $2,733,739) at the balance sheet date and is included in trade creditors.

The company incurred professional fees of $5,262 (2024: $5,123) in respect of consultancy services provided by a director during the year. The transactions were undertaken on normal commercial terms and the balance outstanding at the balance sheet date was $5,262 (2024: $Nil), which is included within other creditors.

18.	Controlling party

For this year and the preceding year, there was no ultimate controlling party, since the company is jointly controlled by Mr Anil Kapur and Mr Abhishek Kapoor, each of whom held 50% of the issued and paid-up share capital.

Page 24