REGISTERED NUMBER: 07936008 (England and Wales)

Britmet Holdings Limited

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

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

L D Attley

J Attley

REGISTERED OFFICE:

Kingfisher House

Unit 17

Overthorpe Road

Banbury

Oxfordshire

OX16 4SX

REGISTERED NUMBER:

07936008 (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 principal activity of the Company is that of an intermediate holding company responsible for supporting the Group's trading operations through strategic oversight, governance and financial management.

During the year, the Company continued to support its subsidiary undertakings whilst maintaining a strong financial position. Dividend income received from Britmet Tileform Limited strengthened liquidity and enabled the Company to continue supporting the wider Group's strategic objectives and future investment plans.

The Directors remained focused on ensuring appropriate capital allocation, maintaining effective governance and supporting investment across the Group, particularly in people, operational processes and technology. These initiatives are intended to enhance long-term operational performance and create a sustainable platform for future growth.

The Directors remain satisfied with the Company's financial position and continue to support the long-term development of the Group whilst maintaining prudent financial management.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the Company are closely linked to the performance of its subsidiary undertakings. These include fluctuations in market demand, volatility in raw material costs, supply chain disruption, changes in legislation and wider economic conditions.

The Board regularly reviews Group performance, financial forecasts and strategic priorities to ensure appropriate governance and financial controls remain in place to support sustainable long-term growth.

LIQUIDITY RISK

The Company maintains appropriate financial resources to support both its own obligations and, where appropriate, those of the wider Group. Liquidity is monitored through regular cash flow forecasting and financial planning, ensuring sufficient resources remain available to support ongoing operations and strategic investment.

DEVELOPMENT AND PERFORMANCE

The Company remains focused on supporting the continued development of its subsidiary businesses through effective governance, prudent financial management and strategic investment. The Directors will continue to review opportunities to improve operational performance and enhance long-term shareholder value across the Group.

KEY PERFORMANCE INDICATORS

The Directors monitor the Company's performance through a range of financial measures including:

- Profitability of subsidiary undertakings

- Dividend income

- Cash generation

- Working capital performance

- Investment returns

- Balance sheet strength

These measures provide the Board with an effective assessment of the Company's financial position whilst supporting informed strategic decision-making.

OUTLOOK

The Directors remain confident in the long-term prospects of the Group. During 2026 the Company will continue to support investment in its trading subsidiaries whilst maintaining strong financial governance, disciplined capital allocation and a focus on sustainable 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.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary 'A' shares £1 shares

£250

- 31 December 2025

Ordinary 'B' shares £1 shares

£250

- 31 December 2025

Ordinary 'C' shares £1 shares

£250

- 31 December 2025

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 25,000 .

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 Holdings Limited (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:

The main area where material irregularities may arise is the management override.

We place reliance on our independent reconciliation of year end balances and the fact that, other than property repair costs, which are reviewed with supporting third party documentation, the other material expenses are covered by the work carried out on the Balance Sheet accounts. All intra group transactions are fully reconciled to the other companies within the group as we are the auditors of all parties held therein.

We review and test journal entries within the accounting records to ensure that they are reasonable and appropriate.

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 (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

355,200

355,303

Administrative expenses

370,597

339,798

OPERATING (LOSS)/PROFIT

4

(15,397

)

15,505

Income from shares in group undertakings

700,000

-

684,603

15,505

Interest payable and similar expenses

5

12,213

13,092

PROFIT BEFORE TAXATION

672,390

2,413

Tax on profit

6

(625

)

24,539

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

673,015

(22,126

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

673,015

(22,126

)

FIXED ASSETS

Tangible assets

8

2,263,448

2,282,929

Investments

9

1,474,001

1,474,001

3,737,449

3,756,930

CURRENT ASSETS

Debtors

10

318,687

232,759

Cash at bank and in hand

628,945

62,185

947,632

294,944

CREDITORS

Amounts falling due within one year

11

551,543

527,605

NET CURRENT ASSETS/(LIABILITIES)

396,089

(232,661

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,133,538

3,524,269

CREDITORS

Amounts falling due after more than one year

12

(1,461

)

(12,240

)

PROVISIONS FOR LIABILITIES

15

(329,652

)

(357,619

)

NET ASSETS

3,802,425

3,154,410

CAPITAL AND RESERVES

Called up share capital

16

100

100

Share premium

17

366,666

366,666

Retained earnings

17

3,435,659

2,787,644

SHAREHOLDERS' FUNDS

3,802,425

3,154,410

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

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2024

100

2,809,770

366,666

3,176,536

Changes in equity

Total comprehensive income

-

(22,126

)

-

(22,126

)

Balance at 31 December 2024

100

2,787,644

366,666

3,154,410

Changes in equity

Dividends

-

(25,000

)

-

(25,000

)

Total comprehensive income

-

673,015

-

673,015

Balance at 31 December 2025

100

3,435,659

366,666

3,802,425

Cash flows from operating activities

Cash generated from operations

1

259,687

231,979

Interest paid

(6,983

)

(5,724

)

Interest element of hire purchase payments paid

(5,230

)

(7,368

)

Tax paid

(29,275

)

-

Net cash from operating activities

218,199

218,887

Cash flows from investing activities

Purchase of tangible fixed assets

(262,293

)

(132,175

)

Sale of tangible fixed assets

1,660

-

Dividends received

700,000

-

Net cash from investing activities

439,367

(132,175

)

Cash flows from financing activities

Loan repayments in year

(50,166

)

(14,000

)

Group loans in year

21,623

24,804

Capital repayments in year

(37,263

)

(58,013

)

Equity dividends paid

(25,000

)

-

Net cash from financing activities

(90,806

)

(47,209

)

Increase in cash and cash equivalents

566,760

39,503

Cash and cash equivalents at beginning of year

2

62,185

22,682

Cash and cash equivalents at end of year

2

628,945

62,185

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

31.12.25

31.12.24

£

£

Profit before taxation

672,390

2,413

Depreciation charges

274,969

275,665

Loss on disposal of fixed assets

5,145

-

Finance costs

12,213

13,092

Finance income

(700,000

)

-

264,717

291,170

Increase in trade and other debtors

(1,878

)

-

Decrease in trade and other creditors

(3,152

)

(59,191

)

Cash generated from operations

259,687

231,979

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

628,945

62,185

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

62,185

22,682

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

62,185

566,760

628,945

62,185

566,760

628,945

Debt

Finance leases

(58,795

)

37,263

(21,532

)

Debts falling due within 1 year

(50,166

)

50,166

-

(108,961

)

87,429

(21,532

)

Total

(46,776

)

654,189

607,413

1.	STATUTORY INFORMATION

Britmet Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the 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.

Preparation of consolidated financial statements

The financial statements contain information about Britmet Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Britmet Group Holdings Limited, Kingfisher House, Unit 17, Overthorpe Road, Banbury, Oxfordshire. OX16 4SX.

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 turnover mainly comprises charges to the subsidiary undertaking for management fees. In prior years, the turnover has also included revenue from solar rebates.The revenue from each source is recognised in the financial statements in the period to which the charges relate.

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.

Freehold property

-

2% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2025 nor for the year ended 31 December 2024.

The average number of employees during the year was NIL (2024 - NIL).

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.

The directors of the company are also directors of the subsidiary undertaking, Britmet Tileform Limited and their remuneration is paid by the subsidiary and disclosed in its accounts. The remuneration for the work done on behalf of Britmet Holdings Limited cannot be separately identified.

4.	OPERATING (LOSS)/PROFIT

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

31.12.25

31.12.24

£

£

Depreciation - owned assets

248,687

249,383

Depreciation - assets on hire purchase contracts

26,282

26,282

Loss on disposal of fixed assets

5,145

-

Auditors' remuneration

1,000

3,500

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Bank loan interest

6,983

5,724

Hire purchase

5,230

7,368

12,213

13,092

6.

TAXATION

Analysis of the tax (credit)/charge

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

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

27,342

32,905

Deferred tax

(27,967

)

(8,366

)

Tax on profit

(625

)

24,539

Reconciliation of total tax (credit)/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

672,390

2,413

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

168,098

603

Effects of:

Income not taxable for tax purposes

(175,000

)

-

Depreciation in excess of capital allowances

34,244

-

Depreciation on assets not qualifying for tax allowances

-

23,936

Deferred tax

(27,967

)

-

Total tax (credit)/charge

(625

)

24,539

7.

DIVIDENDS

31.12.25

31.12.24

£

£

Ordinary 'A' shares shares of £1 each

Interim

12,750

-

Ordinary 'B' shares shares of £1 each

Interim

6,000

-

Ordinary 'C' shares shares of £1 each

Interim

6,250

-

25,000

-

8.	TANGIBLE FIXED ASSETS

Assets

Freehold

under

Plant and

property

construction

machinery

£

£

£

COST

At 1 January 2025

1,220,466

43,998

2,189,941

Additions

-

137,915

92,770

Disposals

-

(1,660

)

(43,932

)

Reclassification/transfer

-

(30,406

)

30,406

At 31 December 2025

1,220,466

149,847

2,269,185

DEPRECIATION

At 1 January 2025

191,885

-

1,019,955

Charge for year

24,403

-

219,632

Eliminated on disposal

-

-

(38,787

)

At 31 December 2025

216,288

-

1,200,800

NET BOOK VALUE

At 31 December 2025

1,004,178

149,847

1,068,385

At 31 December 2024

1,028,581

43,998

1,169,986