Company registration number 16022918 (England and Wales)
ALUTRADE MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
ALUTRADE MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mr M J George
(Appointed 16 October 2024)
Mr K D Pugh
(Appointed 30 September 2025)
Company number
16022918
Registered office
Langley Forge House
Tat Bank Road
Oldbury
Warley
West Midlands
B69 4NH
Auditor
Sumer Auditco Limited
Lumaneri House
Blythe Gate
Blythe Valley Park
Solihull
West Midlands
B90 8AH
ALUTRADE MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 33
ALUTRADE MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the period ended 30 November 2025.

Review of the business

The Directors are pleased to report that the Company has continued to trade successfully during

the year, delivering a profitable performance despite the challenging economic environment.

Turnover has remained resilient, reflecting stable demand within our core markets, whilst ongoing

investment in plant and machinery has ensured that our manufacturing processes remain effi cient, competitive and capable of supporting future growth.

The business has adapted well to the challenges presented by continued global economic

uncertainty, including volatility in energy costs, fuel prices and supply chains. Through prudent

financial management and a disciplined approach to operations, the Company has maintained

profitability and continues to benefit from a strong balance sheet.

Principal risks and uncertainties

The business continues to operate against a backdrop of political and economic uncertainty, both

within the UK and internationally. Whilst these factors have a ff ected trading conditions, the

Company has remained resilient and continues to focus on its long-term strategy. The Directors

remain committed to protecting the long-term future of the business, with employee retention and

workforce stability remaining key priorities.

The Company continues to adapt proactively to the evolving post-Brexit trading environment,

ensuring compliance with all regulatory requirements. We have successfully strengthened our

position within both domestic and non-European export markets, helping to diversify revenue

streams and reduce reliance on any single market.

Rising interest rates, inflationary pressures, fluctuations in exchange rates and volatility in metal

prices continue to represent key commercial risks. The timing of material purchases and customer

sales remains critical to protecting margins. These risks are actively managed by an experienced

management team with extensive knowledge of both the aluminum market and customer demand.

Operating within a highly regulated industry, the Company remains fully committed to maintaining

the highest standards of compliance. Health, Safety and Environmental performance continues to

be a key priority, supported through the successful maintenance of our BSI ISO 45001

(Occupational Health & Safety) and ISO 14001 (Environmental Management) certifications.

Development and performance

The Company has continued to invest in its operations to improve productivity, e ff iciency and long-term

competitiveness. Investment in machinery, technology and operational processes remains

central to our strategy of continuous improvement.

Whilst fluctuations in commodity prices have continued to place pressure on turnover and profit

margins, the business has demonstrated resilience through careful cost management and

operational e ff iciency improvements.

The Directors continue to monitor market conditions closely and have taken appropriate measures

to ensure the business remains agile and well positioned to respond to future challenges.

Throughout the year, employee wellbeing and workplace safety have remained a priority, with

continued investment in training, systems and safe working practices.

ALUTRADE MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 2 -
Key performance indicators

The Company's principal Key Performance Indicators ("KPIs") continue to be turnover (2025: £37,050,905), gross profit margin (2025: 17.92%) and operational e ff iciency (2025: 8.58).

Although commodity price movements have influenced reported turnover, the business has

remained focused on sustainable profitability rather than simply increasing volume. Trading activity

has therefore been managed within the Company's operational capacity to maintain quality, service

standards and financial stability.

Gross profit margins have continued to come under pressure from increased costs across

transport, energy, labour and raw materials. Despite these challenges, the Company has remained

committed to supporting its workforce and maintaining employment levels wherever possible.

The Directors continue to focus on improving operational e ffi ciency through investment in

equipment, process improvements and lean manufacturing initiatives. These measures, together

with the dedication and experience of our employees, position the Company well for continued

sustainable growth.

On behalf of the board

Mr M J George
Director
11 August 2026
ALUTRADE MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 3 -

The directors present their annual report and financial statements for the period ended 30 November 2025.

Principal activities

The principal activity of the group is reprocessing of scrap aluminium products.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr M George
(Appointed 16 October 2024 and resigned 30 September 2025)
Mr M J George
(Appointed 16 October 2024)
Mr K D Pugh
(Appointed 30 September 2025)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr M J George
Director
11 August 2026
ALUTRADE MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ALUTRADE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALUTRADE MANAGEMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of Alutrade Management Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 November 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 30 November 2025 and of the group's loss for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

ALUTRADE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALUTRADE MANAGEMENT LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Testing key income lines, in particular cut-off, for evidence of management bias.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Obtaining third party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

- Review consolidation balances and transactions

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ALUTRADE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALUTRADE MANAGEMENT LIMITED
- 7 -

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Eden FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Certified Accountants
Lumaneri House
Blythe Gate
Blythe Valley Park
Solihull
West Midlands
B90 8AH
11 August 2026
ALUTRADE MANAGEMENT LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 8 -
Period ended
30 November
2025
Notes
£
Turnover
4
37,050,905
Cost of sales
(30,411,044)
Gross profit
6,639,861
Distribution costs
(1,163,064)
Administrative expenses
(5,339,587)
Operating profit
5
137,210
Interest receivable and similar income
8
19,887
Interest payable and similar expenses
9
(102,259)
Profit before taxation
54,838
Tax on profit
10
(458,220)
Loss for the financial period
(403,382)
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
ALUTRADE MANAGEMENT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 9 -
Period ended
30 November
2025
£
Loss for the period
(403,382)
Other comprehensive income
-
Cash flow hedges gain arising in the period
-
0
Total comprehensive income for the period
(403,382)
Total comprehensive income for the period is all attributable to the owners of the parent company.
ALUTRADE MANAGEMENT LIMITED
GROUP BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 10 -
2025
Notes
£
£
Fixed assets
Goodwill
11
6,414,905
Total intangible assets
6,414,905
Tangible assets
12
4,320,376
10,735,281
Current assets
Stocks
15
1,603,514
Debtors
16
3,600,082
Cash at bank and in hand
1,887,564
7,091,160
Creditors: amounts falling due within one year
17
(5,955,292)
Net current assets
1,135,868
Total assets less current liabilities
11,871,149
Creditors: amounts falling due after more than one year
18
(6,187,940)
Provisions for liabilities
Deferred tax liability
20
836,591
(836,591)
Net assets
4,846,618
Capital and reserves
Called up share capital
22
5,250
Share premium account
5,244,750
Profit and loss reserves
(403,382)
Total equity
4,846,618

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 11 August 2026 and are signed on its behalf by:
11 August 2026
Mr M J George
Director
Company registration number 16022918 (England and Wales)
ALUTRADE MANAGEMENT LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 11 -
2025
Notes
£
£
Fixed assets
Investments
13
10,445,000
Current assets
-
Creditors: amounts falling due within one year
17
(420,000)
Net current liabilities
(420,000)
Total assets less current liabilities
10,025,000
Creditors: amounts falling due after more than one year
18
(4,145,000)
Net assets
5,880,000
Capital and reserves
Called up share capital
22
5,250
Share premium account
5,244,750
Profit and loss reserves
630,000
Total equity
5,880,000

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £630,000.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 11 August 2026 and are signed on its behalf by:
11 August 2026
Mr M J George
Director
Company registration number 16022918 (England and Wales)
ALUTRADE MANAGEMENT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 16 October 2024
-
0
-
0
-
0
-
0
Period ended 30 November 2025:
Loss and total comprehensive income
-
-
(403,382)
(403,382)
Issue of share capital
22
5,250
5,244,750
-
5,250,000
Balance at 30 November 2025
5,250
5,244,750
(403,382)
4,846,618
ALUTRADE MANAGEMENT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 16 October 2024
-
0
-
0
-
0
-
0
Period ended 30 November 2025:
Profit and total comprehensive income
-
-
630,000
630,000
Issue of share capital
22
5,250
5,244,750
-
5,250,000
Balance at 30 November 2025
5,250
5,244,750
630,000
5,880,000
ALUTRADE MANAGEMENT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 14 -
Period ended
30 November 2025
Notes
£
£
Cash flows from operating activities
Cash generated from operations
25
5,551,678
Interest paid
(102,259)
Income taxes paid
(474,530)
Net cash inflow from operating activities
4,974,889
Investing activities
Purchase of tangible fixed assets
(780,032)
Proceeds from disposal of tangible fixed assets
808,153
Purchase of subsidiaries, net of cash acquired
(7,283,060)
Interest received
19,887
Net cash used in investing activities
(7,235,052)
Financing activities
Proceeds from issue of shares
5,250,000
Repayment of preference shares
(769,833)
Payment of finance leases obligations
(332,440)
Net cash generated from financing activities
4,147,727
Net increase in cash and cash equivalents
1,887,564
Cash and cash equivalents at beginning of period
-
0
Cash and cash equivalents at end of period
1,887,564
ALUTRADE MANAGEMENT LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 15 -
Period ended
30 November 2025
Notes
£
£
Cash flows from operating activities
Cash generated from operations
26
4,565,000
Investing activities
Purchase of investments
(10,445,000)
Dividends received
630,000
Net cash used in investing activities
(9,815,000)
Financing activities
Proceeds from issue of shares
5,250,000
Net cash generated from financing activities
5,250,000
Net increase in cash and cash equivalents
-
Cash and cash equivalents at beginning of period
-
0
Cash and cash equivalents at end of period
-
0
ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 16 -
1
Accounting policies
Company information

Alutrade Management Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Langley Forge House, Tat Bank Road, Oldbury, Warley, West Midlands, B69 4NH.

The group consists of Alutrade Management Limited and all of its subsidiaries.

1.1
Reporting period

The company was incorporated on 16 October 2024. These are the group's first financial statements and they cover the period from 16 October 2024 to 30 November 2025. Accordingly, the financial statements have been prepared for a period of 13 months. No comparative figures are presented as these are the first financial statements of the group.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Alutrade Management Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Revenue

Turnover is recognised upon despatch and represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Weighted goods are delivered to the customer along with a delivery note to be signed from which a sales invoice is raised based on the agreed weight.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 18 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
5% straight line
Plant and equipment
10-20% straight line
Fixtures and fittings
15% straight line
Motor vehicles
15% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 19 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

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

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 22 -
1.18
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Change in accounting policy

In the current period, a change in accounting policy was adopted by the company with regard to the depreciation rate for tangible assets.

During the year the directors reviewed the depreciation method applied to certain tangible fixed assets. As a result of this review, the depreciation method was changed from 10% straight line to 10-20% straight line for Plant & Machinery only, as this is considered to better reflect the pattern in which the assets future economic benefits are expected to be consumed.

3
Judgements and key sources of estimation uncertainty

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

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

ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
3
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful life of depreciable assets

The annual depreciation charge depends primarily on the estimated useful life of the asset and circumstances. The directors annually review the asset life and adjust as necessary to reflect current thinking on the remaining life in light of technological change, prospective economic utilisation and physical condition of the asset concerned. Changes in asset lives can have a significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes to asset lives on an overall basis, as asset lives are individually determined.

Purchases provision

Purchases and liabilities can be incurred and not recorded due to the self-billing system. A provision is provided on a monthly basis for all waste transfer notes not yet invoiced. Once an invoice is received and paired with the waste transfer notes they are removed from the provision.

4
Turnover and other revenue
2025
£
Turnover analysed by class of business
Turnover
37,050,905
2025
£
Turnover analysed by geographical market
United Kingdom
26,383,729
Europe
8,511,862
Rest of World
2,155,314
37,050,905
2025
£
Other revenue
Interest income
19,887
5
Operating profit
2025
£
Operating profit for the period is stated after charging/(crediting):
Exchange gains
(56,018)
Fees payable to the group's auditor for the audit of the group's financial statements
-
Depreciation of tangible fixed assets
1,008,201
Profit on disposal of tangible fixed assets
(265,004)
Amortisation of intangible assets
779,381
ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 24 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2025
2025
Number
Number
Management and administration
16
2
Production and distribution
50
-
Total
66
2

Their aggregate remuneration comprised:

Group
Company
2025
2025
£
£
Wages and salaries
3,149,711
-
0
Social security costs
387,614
-
Pension costs
116,803
-
0
3,654,128
-
0
7
Directors' remuneration
2025
£
Remuneration for qualifying services
886,198
Company pension contributions to defined contribution schemes
39,221
925,419

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2.

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
£
Remuneration for qualifying services
653,650
Company pension contributions to defined contribution schemes
4,610
ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 25 -
8
Interest receivable and similar income
2025
£
Interest income
Interest on bank deposits
18,336
Other interest income
1,551
Total income
19,887
2025
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
18,336
9
Interest payable and similar expenses
2025
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
10,869
Other finance costs:
Interest on finance leases and hire purchase contracts
72,865
Other interest
18,525
Total finance costs
102,259
10
Taxation
2025
£
Current tax
UK corporation tax on profits for the current period
430,617
Adjustments in respect of prior periods
88,735
Total current tax
519,352
Deferred tax
Origination and reversal of timing differences
(61,132)
Total tax charge
458,220
ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
10
Taxation
(Continued)
- 26 -

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2025
£
Profit before taxation
54,838
Expected tax charge based on the standard rate of corporation tax in the UK of 25%
13,710
Effects of:
Expenses that are not deductible in determining taxable profit
448,849
Adjustments in respect of prior years
88,735
Permanent capital allowances in excess of depreciation
(4,491)
Deferred tax movement
(39,532)
Profit on sale of fixed assets
(49,051)
Taxation charge in the financial statements
458,220
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 16 October 2024
-
0
Additions - business combinations
7,194,286
At 30 November 2025
7,194,286
Amortisation and impairment
At 16 October 2024
-
0
Amortisation charged for the period
779,381
At 30 November 2025
779,381
Carrying amount
At 30 November 2025
6,414,905
The company had no intangible fixed assets at 30 November 2025.
ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 27 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 16 October 2024
-
0
-
0
-
0
-
0
-
0
Additions
28,516
630,589
3,788
117,139
780,032
Business combinations
887,988
3,115,502
6,759
1,081,445
5,091,694
Disposals
-
0
(499,518)
-
0
(98,000)
(597,518)
At 30 November 2025
916,504
3,246,573
10,547
1,100,584
5,274,208
Depreciation and impairment
At 16 October 2024
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
72,716
680,531
2,015
252,939
1,008,201
Eliminated in respect of disposals
-
0
(35,193)
-
0
(19,176)
(54,369)
At 30 November 2025
72,716
645,338
2,015
233,763
953,832
Carrying amount
At 30 November 2025
843,788
2,601,235
8,532
866,821
4,320,376
The company had no tangible fixed assets at 30 November 2025.

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2025
£
£
Plant and equipment
2,158,208
-
0
Motor vehicles
1,511,066
-
0
3,669,274
-
13
Fixed asset investments
Group
Company
2025
2025
Notes
£
£
Investments in subsidiaries
14
-
0
10,445,000
ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
13
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 16 October 2024
-
Additions
10,445,000
At 30 November 2025
10,445,000
Carrying amount
At 30 November 2025
10,445,000

On 28 October 2024 the company acquired 100% of the issued share capital in Alutrade Management Team Investments Limited (Company Number: 10524772) and it's subsidiaries for £10,445,000. Consideration was £5,250,000 in shares and £5,195,000 in deferred consideration.

14
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Alutrade Limited
Langley Forge House, Tat Bank Road, Oldbury, West Midlands, B69 4NH
Ordinary
100.00
Alutrade Management Team Investments Limited
Langley Forge House, Tat Bank Road, Oldbury, West Midlands, B69 4NH
Ordinary
100.00

Alutrade Management Team Investments Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of their individual accounts by virtue of section 479A. The company has provided a guarantee under section 479C of the Companies Act 2006.

15
Stocks
Group
Company
2025
2025
£
£
Finished goods and goods for resale
1,603,514
-
0
ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 29 -
16
Debtors
Group
Company
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
3,325,659
-
0
Other debtors
48,286
-
0
Prepayments and accrued income
226,137
-
0
3,600,082
-
17
Creditors: amounts falling due within one year
Group
Company
2025
2025
Notes
£
£
Obligations under finance leases
19
402,872
-
0
Trade creditors
4,344,979
-
0
Corporation tax payable
158,604
-
0
Other taxation and social security
67,567
-
0
Other creditors
846,975
420,000
Accruals and deferred income
134,295
-
0
5,955,292
420,000
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2025
Notes
£
£
Obligations under finance leases
19
483,008
-
0
Trade creditors
1,559,932
-
0
Other creditors
4,145,000
4,145,000
6,187,940
4,145,000
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,613,299
1,613,299
ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 30 -
19
Finance lease obligations
Group
Company
2025
2025
Amounts due:
£
£
Current liabilities
402,872
-
0
Non-current liabilities
483,008
-
0
885,880
-
Group
Company
2025
2025
Future minimum lease payments due:
£
£
Within one year
402,872
-
0
In two to five years
483,008
-
0
885,880
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
2025
Group
£
Accelerated capital allowances
836,591
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the period:
£
£
Asset at 16 October 2024
-
-
Credit to profit or loss
(50,332)
-
Other
886,923
-
Liability at 30 November 2025
836,591
-

Deferred tax liability relates to accelerated capital allowances. £95,903 of the deferred tax liability set out above is expected to reverse within 12 months.

ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 31 -
21
Retirement benefit schemes
2025
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
116,803

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A Shares of £1 each
3,237
3,237
Ordinary B Shares of £1 each
1,378
1,378
Ordinary C Shares of £1 each
635
635
5,250
5,250
23
Acquisition of a business

On 16 October 2024 the group acquired 100 percent of the issued capital of Alutrade Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
5,092,893
-
5,092,893
Inventories
1,320,506
-
1,320,506
Trade and other receivables
3,262,034
-
3,262,034
Cash and cash equivalents
3,161,940
-
3,161,940
Obligations under finance leases
(1,218,320)
-
(1,218,320)
Trade and other payables
(7,294,385)
-
(7,294,385)
Tax liabilities
(176,231)
-
(176,231)
Deferred tax
(897,723)
-
(897,723)
Total identifiable net assets
3,250,714
-
3,250,714
Goodwill
7,194,286
Total consideration
10,445,000
The consideration was satisfied by:
£
Issue of shares
5,250,000
Deferred consideration
5,195,000
10,445,000
ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
23
Acquisition of a business
(Continued)
- 32 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
37,050,905
Profit after tax
375,999
24
Related party transactions

Pension Scheme SSAS

During the period the company paid rent of £290,000 (year ended November 2024 - £247,833) to the pension scheme Alutrade LTD SSAS of which Mr M J George, a Director of Alutrade Limited, is a member of.

25
Cash generated from group operations
2025
£
Loss after taxation
(403,382)
Adjustments for:
Taxation charged
458,220
Finance costs
102,259
Investment income
(19,887)
Gain on disposal of tangible fixed assets
(265,004)
Amortisation and impairment of intangible assets
779,381
Depreciation and impairment of tangible fixed assets
1,008,201
Movements in working capital:
Increase in stocks
(283,008)
Increase in debtors
(495,282)
Increase in creditors
4,670,180
Cash generated from operations
5,551,678
ALUTRADE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 33 -
26
Cash generated from operations - company
2025
£
Profit after taxation
630,000
Adjustments for:
Investment income
(11,075,000)
Other gains and losses
10,445,000
Movements in working capital:
Increase in creditors
4,565,000
Cash generated from operations
4,565,000
27
Analysis of changes in net funds - group
16 October 2024
Cash flows
Acquisitions and disposals
Other non-cash changes
30 November 2025
£
£
£
£
£
Cash at bank and in hand
-
(1,274,376)
3,161,940
-
1,887,564
Payment of finance leases obligations
-
332,440
-
(1,218,320)
(885,880)
-
(941,936)
3,161,940
(1,218,320)
1,001,684
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