REGISTERED NUMBER: SC035960 (Scotland)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

R. M. EASDALE & COMPANY LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

D K Stirrat

R M Easdale

J D Easdale

B Cassidy

SECRETARY:

G L Watt

REGISTERED OFFICE:

121 Barfillan Drive

Glasgow

G52 1BH

REGISTERED NUMBER:

SC035960 (Scotland)

AUDITORS:

Bannerman Johnstone Maclay Limited

Chartered Accountants

and Statutory Auditor

213 St Vincent Street

Glasgow

G2 5QY

BANKERS:

The Royal Bank of Scotland plc

23 Sauchiehall Street

Glasgow

G2 3AD

SOLICITORS:

Rennie McInnes LLP

Douglas House

42 Main Street

Milngavie

Glasgow

G62 6BU

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

The principal activity of the R M Easdale & Co Limited group in the year under review was that of the processing and merchanting of non-ferrous metals, operating out of three depots across the central belt of Scotland. During the year, the company also acted as a holding company for the group. No significant change in the nature of these activities occurred during the year.

REVIEW OF BUSINESS

The results for the year and financial position of the group are shown in the annexed financial statements.

In relation to the trading performance, turnover increased during the year, although margins were lower, resulting in a modest reduction in underlying profitability. Given the prevailing market conditions, the directors consider the results to be satisfactory.

The directors are of the view that the group is well placed to take advantage of any new opportunities that may arise in the future.

PRINCIPAL RISKS AND UNCERTAINTIES

The group is exposed to a variety of financial risks: price risk, credit risk and liquidity risk. The group's overall market risk management programme focuses on the unpredictability of the ever changing market. The policies are set by the group's finance department under the supervision of the directors.

PRICE RISK

The group is exposed to commodity price risk as a result of its operations. To manage its price risk, it monitors the fluctuations in raw material prices and demand for metal in the UK and worldwide on a monthly basis.

CREDIT RISK

The group has implemented a policy that requires credit checks on potential customers before sales are made. The amount of exposure to any individual company is subject to a limit, which is reassessed regularly by the directors.

LIQUIDITY RISK

The group has funds in hand and a facility with its bank which is designed to ensure that the group has sufficient funds for its operations.

Having considered these risks, the directors are of the opinion that the group can respond to and mitigate the impact of these risks.

FINANCIAL KEY PERFORMANCE INDICATORS

Given the straight forward nature of the business, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

FUTURE DEVELOPMENTS

The group continues to maintain high stock reserves and identify new customers to ensure the current level of performance is maintained. The directors are of the view that the group is well placed to take advantage of any new opportunities that may arise in the future.

FINANCIAL RISK MANAGEMENT

The directors' financial risk management objectives are to ensure there is sufficient working capital and cash flow to meet the operating needs of the group. This is achieved through careful management of our cash resources. No complex financial instruments have been entered into.

The group trades with entities based in the UK and sells significant volumes to buyers in the Far East. As a result, the entity is exposed to credit risk and foreign exchange risk. The group mitigates this risk by seeking payment in advance of shipping goods where appropriate.

ON BEHALF OF THE BOARD:

G L Watt - Secretary

17 August 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 was £95,500 (2024: £95,500).

DIRECTORS

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

D K Stirrat

R M Easdale

J D Easdale

B Cassidy

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of subsequent events, price, credit and liquidity risk.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Bannerman Johnstone Maclay Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G L Watt - Secretary

17 August 2026

Opinion

We have audited the financial statements of R. M. Easdale & Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 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 group's and the 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 the parent 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 obtained an understanding of the legal and regulatory frameworks applicable to the group and the parent company and the sector in which they operate. We determined that the following laws and regulations were the most significant: the Companies Act 2006 and UK corporate taxation laws.

-

We obtained an understanding of how the group and the parent company is complying with those legal and regulatory frameworks by making enquires to the management.

-

We assessed the susceptibility of the group's and the parent company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-

identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;

-

understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

-

challenging assumptions and judgements made by management in its significant accounting estimates;

-

identifying and testing journal entries, in particular any journal entries posted with unusual accounting combinations; and

-

assessing the extent of compliance with relevant laws and regulations.

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.

Douglas Paton BSc CA (Senior Statutory Auditor)

for and on behalf of Bannerman Johnstone Maclay Limited

Chartered Accountants

and Statutory Auditor

213 St Vincent Street

Glasgow

G2 5QY

17 August 2026

TURNOVER

4

90,963,662

76,626,648

Cost of sales

85,256,148

70,949,075

GROSS PROFIT

5,707,514

5,677,573

Distribution costs

2,105,073

2,230,094

Administrative expenses

2,954,352

2,616,227

5,059,425

4,846,321

648,089

831,252

Other operating income

115,239

133,725

OPERATING PROFIT

6

763,328

964,977

Interest receivable and similar income

16,369

18,208

779,697

983,185

Amounts written off investments

7

-

8

779,697

983,177

Interest payable and similar expenses

8

46,432

36,732

PROFIT BEFORE TAXATION

733,265

946,445

Tax on profit

9

185,116

242,696

PROFIT FOR THE FINANCIAL YEAR

548,149

703,749

Profit attributable to:

Owners of the parent

546,886

709,454

Non-controlling interests

1,263

(5,705

)

548,149

703,749

PROFIT FOR THE YEAR

548,149

703,749

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

548,149

703,749

Total comprehensive income attributable to:

Owners of the parent

546,886

709,454

Non-controlling interests

1,263

(5,705

)

548,149

703,749

FIXED ASSETS

Intangible assets

12

120,000

135,000

Tangible assets

13

1,279,813

1,276,933

Investments

14

488,987

488,987

1,888,800

1,900,920

CURRENT ASSETS

Stocks

15

4,984,781

2,587,148

Debtors

16

13,906,016

9,869,093

Cash at bank and in hand

278,977

1,753,188

19,169,774

14,209,429

CREDITORS

Amounts falling due within one year

17

10,185,702

5,664,621

NET CURRENT ASSETS

8,984,072

8,544,808

TOTAL ASSETS LESS CURRENT LIABILITIES

10,872,872

10,445,728

CREDITORS

Amounts falling due after more than one year

18

(105,000

)

(120,000

)

PROVISIONS FOR LIABILITIES

21

(136,074

)

(146,579

)

NET ASSETS

10,631,798

10,179,149

CAPITAL AND RESERVES

Called up share capital

22

95,500

95,500

Capital redemption reserve

23

19,500

19,500

Retained earnings

23

10,365,814

9,914,428

SHAREHOLDERS' FUNDS

10,480,814

10,029,428

NON-CONTROLLING INTERESTS

24

150,984

149,721

TOTAL EQUITY

10,631,798

10,179,149

The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2026 and were signed on its behalf by:

D K Stirrat - Director

FIXED ASSETS

Intangible assets

12

120,000

135,000

Tangible assets

13

979,883

995,069

Investments

14

640,988

640,988

1,740,871

1,771,057

CURRENT ASSETS

Stocks

15

4,642,008

2,398,170

Debtors

16

13,027,578

9,776,447

Cash at bank and in hand

50,752

1,474,931

17,720,338

13,649,548

CREDITORS

Amounts falling due within one year

17

12,625,211

8,687,017

NET CURRENT ASSETS

5,095,127

4,962,531

TOTAL ASSETS LESS CURRENT LIABILITIES

6,835,998

6,733,588

CREDITORS

Amounts falling due after more than one year

18

(105,000

)

(120,000

)

PROVISIONS FOR LIABILITIES

21

(136,074

)

(146,579

)

NET ASSETS

6,594,924

6,467,009

CAPITAL AND RESERVES

Called up share capital

22

95,500

95,500

Capital redemption reserve

23

19,500

19,500

Retained earnings

23

6,479,924

6,352,009

SHAREHOLDERS' FUNDS

6,594,924

6,467,009

Company's profit for the financial year

223,415

342,759

The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2026 and were signed on its behalf by:

D K Stirrat - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

95,500

9,300,474

19,500

Changes in equity

Dividends

-

(95,500

)

-

Total comprehensive income

-

709,454

-

Balance at 31 December 2024

95,500

9,914,428

19,500

Changes in equity

Dividends

-

(95,500

)

-

Total comprehensive income

-

546,886

-

Balance at 31 December 2025

95,500

10,365,814

19,500

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2024

9,415,474

155,426

9,570,900

Changes in equity

Dividends

(95,500

)

-

(95,500

)

Total comprehensive income

709,454

(5,705

)

703,749

Balance at 31 December 2024

10,029,428

149,721

10,179,149

Changes in equity

Dividends

(95,500

)

-

(95,500

)

Total comprehensive income

546,886

1,263

548,149

Balance at 31 December 2025

10,480,814

150,984

10,631,798

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

95,500

6,104,750

19,500

6,219,750

Changes in equity

Dividends

-

(95,500

)

-

(95,500

)

Total comprehensive income

-

342,759

-

342,759

Balance at 31 December 2024

95,500

6,352,009

19,500

6,467,009

Changes in equity

Dividends

-

(95,500

)

-

(95,500

)

Total comprehensive income

-

223,415

-

223,415

Balance at 31 December 2025

95,500

6,479,924

19,500

6,594,924

Cash flows from operating activities

Cash generated from operations

1

(2,818,641

)

1,462,705

Interest paid

(46,432

)

(36,732

)

Tax paid

(325,193

)

(255,674

)

Taxation refund

-

206,688

Net cash from operating activities

(3,190,266

)

1,376,987

Cash flows from investing activities

Purchase of intangible fixed assets

(15,000

)

(15,000

)

Purchase of tangible fixed assets

(386,260

)

(333,401

)

Purchase of fixed asset investments

-

(488,987

)

Sale of tangible fixed assets

38,950

21,069

Interest received

16,369

18,208

Net cash from investing activities

(345,941

)

(798,111

)

Cash flows from financing activities

Amount withdrawn by directors

(204,794

)

(108,632

)

Equity dividends paid

(95,500

)

(95,500

)

Net cash from financing activities

(300,294

)

(204,132

)

(Decrease)/increase in cash and cash equivalents

(3,836,501

)

374,744

Cash and cash equivalents at beginning of year

2

1,294,197

919,453

Cash and cash equivalents at end of year

2

(2,542,304

)

1,294,197

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

2025

2024

£

£

Profit before taxation

733,265

946,445

Depreciation charges

383,255

337,424

Profit on disposal of fixed assets

(23,825

)

(17,008

)

Finance costs

46,432

36,732

Finance income

(16,369

)

(18,208

)

1,122,758

1,285,385

(Increase)/decrease in stocks

(2,397,633

)

232,084

(Increase)/decrease in trade and other debtors

(3,832,416

)

542,223

Increase/(decrease) in trade and other creditors

2,288,650

(596,987

)

Cash generated from operations

(2,818,641

)

1,462,705

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

278,977

1,753,188

Bank overdrafts

(2,821,281

)

(458,991

)

(2,542,304

)

1,294,197

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,753,188

1,432,284

Bank overdrafts

(458,991

)

(512,831

)

1,294,197

919,453

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

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

1,753,188

(1,474,211

)

278,977

Bank overdrafts

(458,991

)

(2,362,290

)

(2,821,281

)

1,294,197

(3,836,501

)

(2,542,304

)

Total

1,294,197

(3,836,501

)

(2,542,304

)