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

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

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

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.

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

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

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.

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.

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

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

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

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

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

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

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.

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.

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

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

-