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REGISTERED NUMBER: 03027850 (England and Wales)

| Britmet Tileform Ltd |

| Strategic Report, |

| Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 December 2025 |

| Britmet Tileform Ltd (Registered number: 03027850) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Statement of Comprehensive Income | 8 |

| Balance Sheet | 9 |

| Statement of Changes in Equity | 10 |

| Cash Flow Statement | 11 |

| Notes to the Cash Flow Statement | 12 |

| Notes to the Financial Statements | 13 |

| Britmet Tileform Ltd |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | L D Attley

| J Attley

| REGISTERED OFFICE: | Kingfsher House

| Unit 17

| Overthorpe Road

| Banbury

| Oxfordshire

| OX16 4SX

| REGISTERED NUMBER: | 03027850 (England and Wales)

| AUDITORS: | Moffat Gilbert

| Unit 12

| Shottery Brook Office Park

| Timothy's Bridge Road

| Stratford upon Avon

| Warwickshire

| CV37 9NR

| Britmet Tileform Ltd (Registered number: 03027850) |

Strategic Report

for the Year Ended 31 December 2025

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

REVIEW OF BUSINESS

The Company delivered another resilient trading performance during the year, generating turnover of £14.7 million (2024: £15.0 million) and profit before taxation of £1.06 million (2024: £1.30 million).

During the year, the Directors made a strategic decision to increase investment in the business, particularly in its people, operational processes and external expertise. This investment was undertaken to improve employee retention, strengthen operational resilience and create a platform for future growth. Whilst these initiatives reduced profitability in the short term, the Directors believe they will deliver long-term improvements in productivity, customer service and sustainable profitability.

Despite continued economic uncertainty within the UK construction sector, the Company maintained stable trading levels, strengthened supplier relationships through improved payment performance and continued to invest in product development, customer service and operational efficiency. The Company continued to generate healthy profits whilst maintaining a strong balance sheet.

The Directors remain confident in the long-term prospects of the business and will continue to focus on operational excellence, disciplined cost management, product innovation and profitable growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company's principal risks continue to include fluctuations in UK construction activity, volatility in raw material prices, supply chain disruption, foreign exchange movements, labour market pressures and wider economic uncertainty.

Management actively monitors these risks through regular financial forecasting, supplier engagement, inventory management, commercial pricing reviews and ongoing investment in people, systems and operational processes. These measures are intended to improve resilience whilst supporting sustainable long-term growth.

LIQUIDITY RISK

The Company continues to maintain a strong financial position, supported by positive profitability, healthy working capital and prudent cash management. Cash resources and available banking facilities remain sufficient to support the Company's current operations, ongoing investment programme and future growth plans.

DEVELOPMENT AND PERFORMANCE

The Company remains committed to investing in its products, people and technology to improve customer service and operational efficiency. During the year, further investment was made in systems, recruitment and process improvement, with additional initiatives planned to enhance productivity, strengthen customer relationships and support future growth.

KEY PERFORMANCE INDICATORS

The Directors monitor a range of financial and operational key performance indicators including:

- Turnover

- Gross profit percentage

- Profit before taxation

- Cash generation

- Working capital performance

- Stock turn

- Debtor collection days

- Creditor payment days

These measures enable management to monitor profitability, liquidity and operational efficiency whilst supporting informed decision-making and long-term sustainable growth.

| Britmet Tileform Ltd (Registered number: 03027850) |

Strategic Report

for the Year Ended 31 December 2025

OUTLOOK

Whilst the Directors remain mindful of continued economic uncertainty affecting the UK construction sector, the Company enters 2026 from a position of financial strength. Investment made during 2025 in people, technology and operational processes is expected to deliver improvements in efficiency, customer service and profitability over the medium term. The Directors will continue to focus on maintaining strong customer relationships, disciplined cost control and sustainable profitable growth.

ON BEHALF OF THE BOARD:

J Attley - Director

4 August 2026

| Britmet Tileform Ltd (Registered number: 03027850) |

Report of the Directors

for the Year Ended 31 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of lightweight roofing products.

DIVIDENDS

An interim dividend of 7,000 per share was paid on 10 October 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 700,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

L D Attley

J Attley

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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.

AUDITORS

The auditors, Moffat Gilbert, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Attley - Director

4 August 2026

Report of the Independent Auditors to the Members of

Britmet Tileform Ltd

Opinion

We have audited the financial statements of Britmet Tileform 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 profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

Britmet Tileform 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 Directors.

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

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

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

- | certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We carried out discussions with management to obtain an understanding of the controls and procedures undertaken within the company. We then assessed the areas at risk of material misstatement and designed and performed tests to ensure that the procedures are being adhered to and the controls are being maintained.

We identified three main areas where material irregularities may arise which are: management override, revenue recognition and the stock valuation.

In terms of management override, which could occur in order to reach optimum results for the purposes of bonuses and future credit ratings, we place reliance on our independent reconciliation of Balance Sheet accounts with external documentation, review and testing of journal entries and the review of accounting estimates for comparability and reasonableness of methodology.

There is a risk that revenue could be misstated due to cut off errors or erroneous provision levels. We review post balance sheet data to independently assess required provision levels to obtain evidence that the provisions held within the financial statements are not materially misstated.

The stock is a high value asset with significant risk of misstatement due to: cut off errors, applied levels of pricing and the provision levels for slow moving and obsolete stock items.We design our audit tests in these areas to independently calculate stock prices to compare to those included within the stock valuation at the year end and covered 45.53% of the stock valuation in this process. We also review usage levels of components and sales of finished products to assess the company's provision for slow moving and obsolete stock.

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.

Report of the Independent Auditors to the Members of

Britmet Tileform Ltd

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.

Geoffrey Gilbert FCA (Senior Statutory Auditor)

for and on behalf of Moffat Gilbert

Unit 12

Shottery Brook Office Park

Timothy's Bridge Road

Stratford upon Avon

Warwickshire

CV37 9NR

4 August 2026

| Britmet Tileform Ltd (Registered number: 03027850) |

Statement of Comprehensive

Income

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | 14,733,666 |  | 15,042,159 |  |

Cost of sales | 9,863,794 |  | 9,890,220 |  |

GROSS PROFIT | 4,869,872 |  | 5,151,939 |  |

Administrative expenses | 3,831,070 |  | 3,864,155 |  |

1,038,802 |  | 1,287,784 |  |

Other operating income | 4,329 |  | 14,928 |  |

OPERATING PROFIT | 4 | 1,043,131 |  | 1,302,712 |  |

Interest receivable and similar income | 24,387 |  | 13,013 |  |

1,067,518 |  | 1,315,725 |  |

Interest payable and similar expenses | 5 | 9,627 |  | 16,722 |  |

PROFIT BEFORE TAXATION | 1,057,891 |  | 1,299,003 |  |

Tax on profit | 6 | 136,690 |  | 210,977 |  |

PROFIT FOR THE FINANCIAL YEAR | 921,201 |  | 1,088,026 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 921,201 |  | 1,088,026 |  |

| Britmet Tileform Ltd (Registered number: 03027850) |

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 164,278 |  | 181,640 |  |

164,278 |  | 181,640 |  |

CURRENT ASSETS

Stocks | 10 | 2,008,961 |  | 1,927,239 |  |

Debtors | 11 | 2,601,668 |  | 2,628,618 |  |

Cash at bank | 869,122 |  | 1,814,555 |  |

5,479,751 |  | 6,370,412 |  |

CREDITORS

Amounts falling due within one year | 12 | 1,707,303 |  | 2,834,550 |  |

NET CURRENT ASSETS | 3,772,448 |  | 3,535,862 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,936,726 |  | 3,717,502 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (3,750 | ) | (48,667 | ) |

PROVISIONS FOR LIABILITIES | 16 | (86,020 | ) | (43,080 | ) |

NET ASSETS | 3,846,956 |  | 3,625,755 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 100 |  | 100 |  |

Retained earnings | 18 | 3,846,856 |  | 3,625,655 |  |

SHAREHOLDERS' FUNDS | 3,846,956 |  | 3,625,755 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2026 and were signed on its behalf by:

J Attley - Director

| Britmet Tileform Ltd (Registered number: 03027850) |

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 | 100 |  | 2,537,629 |  | 2,537,729 |  |

Changes in equity

Total comprehensive income | - |  | 1,088,026 |  | 1,088,026 |  |

Balance at 31 December 2024 | 100 |  | 3,625,655 |  | 3,625,755 |  |

Changes in equity

Dividends | - |  | (700,000 | ) | (700,000 | ) |

Total comprehensive income | - |  | 921,201 |  | 921,201 |  |

Balance at 31 December 2025 | 100 |  | 3,846,856 |  | 3,846,956 |  |

| Britmet Tileform Ltd (Registered number: 03027850) |

Cash Flow Statement

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 60,501 |  | 1,312,549 |  |

Interest paid | (4,943 | ) | (10,815 | ) |

Interest element of hire purchase payments paid | (4,684 | ) | (5,907 | ) |

Tax paid | (66,137 | ) | - |  |

Net cash from operating activities | (15,263 | ) | 1,295,827 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (66,601 | ) | (68,500 | ) |

Sale of tangible fixed assets | 16,573 |  | 25,116 |  |

Interest received | 24,387 |  | 13,013 |  |

Net cash from investing activities | (25,641 | ) | (30,371 | ) |

Cash flows from financing activities

Loan repayments in year | (70,000 | ) | (72,917 | ) |

Group loans in year | (105,673 | ) | (124,689 | ) |

Capital repayments in year | (30,034 | ) | (11,315 | ) |

Amount introduced by directors | 1,178 |  | - |  |

Amount withdrawn by directors | - |  | (1,141 | ) |

Equity dividends paid | (700,000 | ) | - |  |

Net cash from financing activities | (904,529 | ) | (210,062 | ) |

(Decrease)/increase in cash and cash equivalents | (945,433 | ) | 1,055,394 |  |

Cash and cash equivalents at beginning of year | 2 | 1,814,555 |  | 759,161 |  |

Cash and cash equivalents at end of year | 2 | 869,122 |  | 1,814,555 |  |

| Britmet Tileform Ltd (Registered number: 03027850) |

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before taxation | 1,057,891 |  | 1,299,003 |  |

| Depreciation charges | 59,417 |  | 52,837 |  |

| Loss on disposal of fixed assets | 7,973 |  | 4,798 |  |

| Increase/(decrease) in provisions | 39,603 |  | - |  |

| Finance costs | 9,627 |  | 16,722 |  |

| Finance income | (24,387 | ) | (13,013 | ) |

1,150,124 |  | 1,360,347 |  |

| (Increase)/decrease in stocks | (81,722 | ) | 12,763 |  |

| Decrease/(increase) in trade and other debtors | 136,620 |  | (322,029 | ) |

| (Decrease)/increase in trade and other creditors | (1,144,521 | ) | 261,468 |  |

| Cash generated from operations | 60,501 |  | 1,312,549 |  |

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 | 869,122 |  | 1,814,555 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 1,814,555 |  | 759,161 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank | 1,814,555 |  | (945,433 | ) | 869,122 |  |

1,814,555 |  | (945,433 | ) | 869,122 |  |

| Debt

| Finance leases | (49,243 | ) | 30,034 |  | (19,209 | ) |

| Debts falling due within 1 year | (70,000 | ) | 40,833 |  | (29,167 | ) |

| Debts falling due after 1 year | (29,167 | ) | 29,167 |  | - |  |

(148,410 | ) | 100,034 |  | (48,376 | ) |

| Total | 1,666,145 |  | (845,399 | ) | 820,746 |  |

| Britmet Tileform Ltd (Registered number: 03027850) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Britmet Tileform 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.

| Turnover

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

| The revenue is recognised once the goods are shipped to the customer.

| Goodwill

| Goodwill, being the amount paid in connection of the acquisition of a business in 2010, was amortised over its estimated useful life of five years and hence was fully amortised in prior years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Fixtures and fittings | - | 33.3% on cost

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33.3% on cost and 33% on reducing balance

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost includes all direct expenditure and where applicable, an appropriate proportion of fixed and variable overheads incurred in stock production.

| Taxation

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

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

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

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

| Britmet Tileform Ltd (Registered number: 03027850) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

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

| Related party transactions

| The company is exempt from the requirement to disclose transactions with other group undertakings on the grounds that it is a wholly owned subsidiary of Britmet Group Holdings Limited and its results are included in the consolidated accounts of that company which are publicly available from The Registrar of Companies website.

3. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 2,811,203 |  | 2,416,381 |  |

| Social security costs | 352,602 |  | 301,414 |  |

| Other pension costs | 47,664 |  | 50,406 |  |

3,211,469 |  | 2,768,201 |  |

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

| 31.12.25 |  | 31.12.24

| Production | 41 |  | 46 |  |

| Management | 2 |  | 3 |  |

| Administration | 10 |  | 12 |  |

| Sales | 15 |  | 9 |  |

68 |  | 70 |  |

| The key management personnel of the company are also the directors of the company and hence there is no separate disclosure to be made for their remuneration in that role.

| Britmet Tileform Ltd (Registered number: 03027850) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | EMPLOYEES AND DIRECTORS - continued

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 315,000 |  | 450,417 |  |

| Directors' pension contributions to money purchase schemes | 1,321 |  | - |  |

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

| Money purchase schemes | 1 |  | - |  |

| Information regarding the highest paid director is as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Emoluments etc | 215,000 |  | 300,878 |  |

4. | OPERATING PROFIT

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire of plant and machinery | 668 |  | 12,523 |  |

| Other operating leases | 2,203 |  | - |  |

| Depreciation - owned assets | 16,421 |  | 8,102 |  |

| Depreciation - assets on hire purchase contracts | 42,996 |  | 44,735 |  |

| Loss on disposal of fixed assets | 7,973 |  | 4,798 |  |

| Auditors' remuneration | 17,000 |  | 29,500 |  |

| Foreign exchange differences | 2,805 |  | (6,966 | ) |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loan interest | 4,867 |  | 10,815 |  |

| Other interest | 76 |  | - |  |

| Hire purchase | 4,684 |  | 5,907 |  |

9,627 |  | 16,722 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | 133,353 |  | 60,962 |  |

| Deferred tax | 3,337 |  | 150,015 |  |

| Tax on profit | 136,690 |  | 210,977 |  |

| Britmet Tileform Ltd (Registered number: 03027850) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | TAXATION - continued

| Reconciliation of total tax charge 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:

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before tax | 1,057,891 |  | 1,299,003 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 264,473 |  | 324,751 |  |

| Effects of:

| Expenses not deductible for tax purposes | 7,983 |  | 5,371 |  |

| Income not taxable for tax purposes | - |  | (5 | ) |

| Capital allowances in excess of depreciation | (4,294 | ) | - |  |

| Enhanced expenditure tax credit | (134,809 | ) | (119,140 | ) |

| Deferred tax due to timing differences | 3,337 |  | - |  |

| Total tax charge | 136,690 |  | 210,977 |  |

7. | DIVIDENDS

| 31.12.25 |  | 31.12.24

£ | £ |

| Ordinary shares of £1 each

| Interim | 700,000 |  | - |  |

8. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 163,750 |  |

| AMORTISATION

| At 1 January 2025

| and 31 December 2025 | 163,750 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

| Britmet Tileform Ltd (Registered number: 03027850) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | TANGIBLE FIXED ASSETS

| Assets |  | Fixtures |

| under |  | and |  | Motor |  | Computer |

| construction |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | - |  | - |  | 339,732 |  | - |  | 339,732 |  |

| Additions | 1,944 |  | 1,597 |  | 30,791 |  | 32,269 |  | 66,601 |  |

| Disposals | - |  | - |  | (61,285 | ) | - |  | (61,285 | ) |

| At 31 December 2025 | 1,944 |  | 1,597 |  | 309,238 |  | 32,269 |  | 345,048 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | - |  | 158,092 |  | - |  | 158,092 |  |

| Charge for year | - |  | 357 |  | 56,617 |  | 2,443 |  | 59,417 |  |

| Eliminated on disposal | - |  | - |  | (36,739 | ) | - |  | (36,739 | ) |

| At 31 December 2025 | - |  | 357 |  | 177,970 |  | 2,443 |  | 180,770 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,944 |  | 1,240 |  | 131,268 |  | 29,826 |  | 164,278 |  |

| At 31 December 2024 | - |  | - |  | 181,640 |  | - |  | 181,640 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 January 2025 | 256,229 |  |

| Disposals | (61,285 | ) |

| At 31 December 2025 | 194,944 |  |

| DEPRECIATION

| At 1 January 2025 | 98,895 |  |

| Charge for year | 42,996 |  |

| Eliminated on disposal | (36,739 | ) |

| At 31 December 2025 | 105,152 |  |

| NET BOOK VALUE

| At 31 December 2025 | 89,792 |  |

| At 31 December 2024 | 157,334 |  |

10. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Stocks | 2,008,961 |  | 1,927,239 |  |

| Britmet Tileform Ltd (Registered number: 03027850) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 1,763,318 |  | 1,915,628 |  |

| Amounts owed by group undertakings | 478,602 |  | 372,929 |  |

| Other debtors | 76 |  | - |  |

| Amount owed by related parties | 163,971 |  | 217,446 |  |

| Directors' current accounts | - |  | 1,178 |  |

| Tax | 5,175 |  | - |  |

| Prepayments and accrued income | 190,526 |  | 121,437 |  |

2,601,668 |  | 2,628,618 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts (see note 14) | 29,167 |  | 70,000 |  |

| Hire purchase contracts (see note 15) | 15,459 |  | 29,743 |  |

| Trade creditors | 1,037,596 |  | 1,917,496 |  |

| Tax | 133,353 |  | 60,962 |  |

| Social security and other taxes | 86,381 |  | 76,596 |  |

| VAT | 191,803 |  | 292,879 |  |

| Other creditors | 27,641 |  | 1,477 |  |

| Accrued expenses | 185,903 |  | 385,397 |  |

1,707,303 |  | 2,834,550 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans (see note 14) | - |  | 29,167 |  |

| Hire purchase contracts (see note 15) | 3,750 |  | 19,500 |  |

3,750 |  | 48,667 |  |

14. | LOANS

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 29,167 |  | 70,000 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 29,167 |  |

| Britmet Tileform Ltd (Registered number: 03027850) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

15. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Gross obligations repayable:

| Within one year | 17,920 |  | 34,720 |  |

| Between one and five years | 4,323 |  | 22,373 |  |

22,243 |  | 57,093 |  |

| Finance charges repayable:

| Within one year | 2,461 |  | 4,977 |  |

| Between one and five years | 573 |  | 2,873 |  |

3,034 |  | 7,850 |  |

| Net obligations repayable:

| Within one year | 15,459 |  | 29,743 |  |

| Between one and five years | 3,750 |  | 19,500 |  |

19,209 |  | 49,243 |  |

16. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax | 6,541 |  | 3,204 |  |

| Other provisions | 79,479 |  | 39,876 |  |

86,020 |  | 43,080 |  |

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 January 2025 | 3,204 |  | 39,876 |  |

| Provided during year | 3,337 |  | 39,603 |  |

| Balance at 31 December 2025 | 6,541 |  | 79,479 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

| Britmet Tileform Ltd (Registered number: 03027850) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

18. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 3,625,655 |  |

| Profit for the year | 921,201 |  |

| Dividends | (700,000 | ) |

| At 31 December 2025 | 3,846,856 |  |

19. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is Britmet Holdings Limited, and the ultimate parent company is Britmet Group Holdings Limited. The registered office of both parent undertakings is Kingfisher House, Unit 17, Overthorpe Road, Banbury, Oxfordshire. OX16 4SX.