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Registered number:
For the Year Ended
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Metalor Technologies (UK) Ltd
Company Information
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Metalor Technologies (UK) Ltd
Contents
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Metalor Technologies (UK) Ltd
Strategic Report
For the Year Ended 31 December 2025
The directors present their Strategic Report for the year ended 31 December 2025.
Metalor Technologies (UK) Ltd (“MUK”) is a wholly owned subsidiary of Metalor Technologies International SA ("MTSA") and operates as a principal in the purchase and sale of precious metal products. These products are sourced both externally and from within the Metalor Technologies Group.
During 2025, MUK built on the strong sales performance achieved in 2024, delivering continued growth across all major market segments. Despite challenging market conditions, the company successfully increased its market share within the Refining activity. Growth was further supported by higher sales of Investment products, driven by the onboarding of new customers and favourable market conditions. The Electronic and General Industry markets returned to growth following a period of relative stability over the prior two years. This included increased demand for silver-based products, with UK operations securing new contracts from globally based customers. However, in the fourth quarter of 2025, demand for Powder and Flake products declined, primarily due to a slowdown in the European electric vehicle market and ongoing geopolitical uncertainty. Overall, supported by a robust business model and continued cost-efficiency initiatives, MUK maintained a healthy operating profit. This performance demonstrates the company’s ability to adapt to market volatility while sustaining profitability. Going Concern The company has completed a comprehensive financial forecast through December 2026, which indicates a solid financial foundation for the future, as well as a broader review for the following years. There are several promising opportunities in both the UK and International markets for the sale of existing and newly developed products. Within these markets, MUK is recognised for its specialised expertise, further enhancing its growth prospects. Despite these inherent business strengths, MUK’s operational setup and structure mean that the company still depends on ongoing financial support from its parent company, Metalor Technologies International SA, to continue operations and meet its obligations as they arise. This support has been confirmed by the parent, and as such, the directors consider it appropriate to prepare the financial statements on a going concern basis. Historically, the company has been profitable, and this trend is expected to continue in 2026 and beyond. MUK maintains a strong net current assets position and has sufficient cash reserves to manage any unforeseen shortfalls in the short term, further ensuring its ability to navigate potential challenges.
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Metalor Technologies (UK) Ltd
Strategic Report (continued)
For the Year Ended 31 December 2025
The company has identified the principal risks that it faces, along with its policies to mitigate these risks as:
Foreign currency risk The company buys and sells goods and services denominated in various currencies. As a result, the value of the business in non-Sterling denominated revenues, purchases, financial assets and liabilities and cash flows can be affected by movements in exchange rates. The principal exchange risk is managed at Group level. All precious metal supplies are priced in the currency of the customer, and the majority of intercompany charges are in Sterling. Despite the principal exchange risk being managed at Group level, the company is left with the residual risk relating to foreign currency debtors and creditors. This is the difference between the rate prevailing at the date of invoice posting and the actual rate at the date of payment. Credit risk In the normal course of business, the company sells items on deferred terms to other parties. Any risk associated with these third parties failing to honour their obligations arising from these transactions is minimised through rigorous credit control procedures with deferred terms only being granted to customers who demonstrate an appropriate payment history and satisfy other financial requirements. Individual exposures are continuously monitored on a customer-by-customer basis to ensure that exposure to bad debts is minimised. As a result of this, goods may sometimes only be supplied on a cash with order basis or supply may be declined entirely. Metal price risk In the normal course of business, the company and its customers and suppliers would be exposed to fluctuations in metal prices. The company mitigates this risk by operating on a consignment/leasing basis in respect of the fine metal content of inventories held in the UK and by the use of metal hedging to eliminate metal price fluctuations from overall transactions recorded by the company. The company maintains metal accounts with its suppliers and qualifying customers on a consignment basis so that the risk of metal price movements does not lie with the company. These metal accounts are held off balance sheet as the principal risks relating to these financial statements are not borne by the company. The company is exposed to default risk on customer metal accounts in the event that metal owed to the company cannot be recovered. Where necessary, a provision is held to cover this risk. Funding and liquidity The company has entered into cash pooling arrangements with its parent company, whereby certain bank balances are automatically transferred to or from the company on a daily basis. The parent company continually monitors the financial position of the entity, its cash flows, liquidity position and borrowing facilities. Consequently, the directors believe that the company and the parent company are well placed to manage business risks successfully despite the current uncertain economic outlook. As described in the Going Concern section of the Strategic Report, the company continues to rely on the financial support of its parent undertaking.
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Metalor Technologies (UK) Ltd
Strategic Report (continued)
For the Year Ended 31 December 2025
The company's key financial indicators are detailed below:
The company places strong emphasis on its quality standards, with continued accreditations in the following:
ISO9001 Quality Management Systems ISO14001 Environmental Management Systems ISO45001 Occupational Health and Safety Responsible Jewellery Council accreditation for the Group was renewed in 2023 following a full audit of HR and Integrated Management Systems. A further successful audit was completed in March 2024 and November 2024.
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Metalor Technologies (UK) Ltd
Strategic Report (continued)
For the Year Ended 31 December 2025
The directors of Metalor Technologies (UK) Ltd confirm that throughout the financial year ended 2025, they have acted in accordance with their duties under Section 172(1) of the Companies Act 2006, which requires directors to act in a way they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole.
In doing so, the directors have had regard to: The likely long-term consequences of decisions The Board’s decision-making is aligned with the company’s long-term strategy and sustainability. Investment and operational decisions are considered in the context of long-term growth, resilience, and value creation. The interests of the company’s employees We maintain open and ongoing engagement with employees through staff forums, surveys and internal communications. Their feedback influences decisions on workplace policies, benefits, and development opportunities. Relationships with suppliers, customers, and others The Company values strong relationships with stakeholders across the value chain. We maintain close dialogue with key partners and strive for fair terms and collaborative approaches to shared goals. The impact of operations on the community and environment The Company remains committed to minimising its environmental impact and contributing positively to the communities in which we operate. Link to our CSR report: https://metalor.com/corporate -social-responsibility /csr-report/ Maintaining a reputation for high standards of business conduct The Board promotes a culture of integrity, compliance, and accountability. We regularly review governance policies, conduct training, and monitor ethical practices. The need to act fairly between members of the company All shareholders are treated equally and fairly. The Board ensures transparency through regular updates and fair access to information. These principles are embedded in our governance processes and form part of our Board’s regular considerations and decision-making. The directors believe that by considering the interests of all stakeholders and the broader impact of their decisions, they are able to promote the long-term success of the Company.
This report was approved by the board and signed on its behalf.
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Metalor Technologies (UK) Ltd
Directors' Report
For the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £2,193,645 (2024 - £1,547,541).
The directors do not recommend payment of a final dividend.
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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Metalor Technologies (UK) Ltd
Directors' Report (continued)
For the Year Ended 31 December 2025
Metalor Technologies (UK) Ltd (“MUK”) is well positioned for continued growth, supported by its ongoing diversification of products and end markets. This strategy provides a strong platform from which the company intends to pursue new commercial opportunities and expand its market presence.
The company continues to develop collaborations with key partners, particularly within the Printed Electronics and Die Attach markets. While these initiatives are expected to mature over the medium to long term, they align with emerging market trends and are being progressed through close strategic partnerships. Growth in the Refining activity is expected to continue, supported by a selective and disciplined approach to market opportunities. Silver Refining remains a key area of focus, with new partnerships being developed to meet increasing demand. In the Gold Investment market, although subject to external market volatility, the company has identified strategic initiatives and positioning to sustain volumes and capture additional investment and refining opportunities. To support future growth, the Metalor Board has approved the relocation to a new, purpose-built facility. The new site, expected to be operational in mid-2026, will enhance operational capability and better support the company’s long-term strategic objectives. In addition, Metalor plans to open new premises in Hatton Garden, a strategic centre of the jewellery manufacturing industry, to support customer engagement and capture new business opportunities.
Engagement with suppliers, customers and others is covered in the Section 172(1) wording in the Strategic Report.
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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Metalor Technologies (UK) Ltd
Directors' Report (continued)
For the Year Ended 31 December 2025
This report was approved by the board and signed on its behalf.
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Metalor Technologies (UK) Ltd
Independent Auditors' Report to the Members of Metalor Technologies (UK) Ltd
We have audited the financial statements of Metalor Technologies (UK) Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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Metalor Technologies (UK) Ltd
Independent Auditors' Report to the Members of Metalor Technologies (UK) Ltd (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year 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.
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 Directors' Report.
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Metalor Technologies (UK) Ltd
Independent Auditors' Report to the Members of Metalor Technologies (UK) Ltd (continued)
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations.
°Detecting and responding to the risks of fraud.
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and corruption.
∙Money laundering, Terrorist Financing and Transfer of Funds Regulations to impose obligations on businesses, including customer due diligence.
∙The Proceeds of Crime Act 2002 requires businesses to report any suspicions of money laundering.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Metalor Technologies (UK) Ltd
Independent Auditors' Report to the Members of Metalor Technologies (UK) Ltd (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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 is removed from the events and transactions reflected in the financial statements, as we will be less likely to become 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 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 Auditors' 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 an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
SK1 3GG
Date:
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Metalor Technologies (UK) Ltd
Statement of Comprehensive Income
For the Year Ended 31 December 2025
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Metalor Technologies (UK) Ltd
Registered number: 01510877
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 34 form part of these financial statements.
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Metalor Technologies (UK) Ltd
Statement of Changes in Equity
For the Year Ended 31 December 2025
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
Metalor Technologies (UK) Ltd is a private company limited by members' capital incorporated in England and Wales. The registered office and principal place of business is 74 Warstone Lane, Hockley, Birmingham, B18 6NG.
The nature of the company's operation and its principal activity is acting as principal in the purchasing and selling of precious metal products which are sourced both externally and from within the Metalor Technologies Group.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flow
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of Field In & Co Ltd as at 31 December 2025 and these financial statements may be obtained from 2 Chome-6-6 Nihonbashikayabacho, Chuo City, Tokyo 103-0025, Japan.
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
As set out in the Strategic Report, the Directors believe that the Company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business and financial risks successfully. Accordingly, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Refining is engaged in the recycling and processing of precious metals and the production of pure precious metals in ingots and other forms. Advanced Coatings is engaged in the application of metallisation technologies to enable and support customers operating in markets as diverse as general electronics, semiconductor applications, decorative and multi-disciplinary (medical, advertising, etc.) industrial sectors. Electrotechnics transforms silver alloys and pseudoalloys into electrical contacts which improve electrical equipment's (circuit breakers, switches, relays, etc.) safety and durability throughout their life-cycle. Metalor's electrical contacts are used in electrical distribution, numerical or analogical control, transportation and household appliances markets. The Refining business is primarily a service business in which Metalor is providing a service. Advanced Coatings and Electrotechnics businesses are primarily product businesses. The Advanced Coatings Business Unit provides metallization technologies and generates revenue through product sales, metal uplift, precious metal sales, scrap treatment fees, freight charges, and plant recovery. Product sales are recognised when goods are shipped to customers, excluding the precious metal content, which is managed separately. Metal uplift represents a percentage charged to customers on the precious metal price, while precious metal sales occur at trade date and are presented either as net or gross depending on whether the customer holds a metal account. Scrap treatment fees are recognised upon invoicing after final assay, while freight charges are recorded separately with minimal margin impact. Precious metal leasing is generally not charged to customers but is factored into the list price of products. Plant recovery follows a similar process to the refining business, recognising metal recovered from production discrepancies. Commercial retention represents differences between invoiced and delivered metal quantities, recorded under net sales. The Electrotechnics Business Unit manufactures silver alloys and pseudoalloys for electrical contacts used in circuit breakers, switches, and relays. Revenue is primarily derived from product sales and precious metal transactions. Product sales are recognised upon shipment, with the precious metal content accounted for separately. Customers can either supply their own precious metal or request Metalor to procure it, with transactions recorded at trade date.
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
The Refining Business Unit processes and refines precious metals, generating revenue from assaying, refining, brokering, leasing, product sales, plant recovery, and freight services. Revenue is recognised in line with IFRS15, ensuring that control of goods or services is transferred before income is recorded. Assaying fees are recognised upon completion, refining fees upon fine metal availability (FMA), and brokering income on the trade date. Product sales are recognised upon shipment, while leasing income is accrued over the lease period. Revenue deferrals are recorded for incomplete refining processes, considering work-in-progress assessments based on refining stage, cost, and margins. Retained metal and additional metal provided to customers are recognised upon final settlement, with retention income recorded and giveaways treated as negative revenue. Plant recovery is recognised when the recovered metal is deemed virtually certain to belong to the business. Freight income is separately invoiced and recognised upon service completion.
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under construction are not depreciated until the asset is complete and available for its intended use, at which point depreciation commences. The manufactured element of consigned goods is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of the manufactured element of consigned goods.
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
The company is part of the cash pooling arrangement with its parent company whereby certain cleared bank balances are automatically transferred to or from the company on a daily basis and are accounted for as intra-group debtors or creditors as appropriate. Interest is calculated daily and the annual net interest receivable or payable is accounted for as intra-group interest receivable or payable in the profit and loss account as appropriate.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
Debt instruments at amortised cost
Debt instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.
Impairment of financial assets
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Financial liabilities
Fair value through profit or loss
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
To the extent that the company has entered into a fixed commitment with fellow group companies to buy/sell fine metal at specified rates to meet known customer demand, that firm commitment is recorded as an asset/liability at the fixed metal price within inventory with a corresponding entry recorded within intercompany trading balances.
As a consequence of these consignment arrangements and the metal accounts operated by the company with third parties and with the parent undertaking, consignment stocks and metal account balances are held off balance sheet, except to the extent of metal hedging arrangements. Where the company considers that there is a default risk in relation to a customer's metal account or consignment stocks, an appropriate provision is made and recorded within accruals and deferred income. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are deemed to be no key accounting estimates or judgements in the year.
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
Analysis of turnover by country of destination:
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
The assets under construction are expected to impact the future tax charges as capital allowances are claimed when the assets are brought into use.
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
12.Tangible fixed assets (continued)
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Metalor Technologies (UK) Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2025
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £125,639 (2024: £124,240). Contributions totalling £Nil (2024: £Nil) were payable to the fund at the balance sheet date and are included in creditors.
The Company's immediate parent undertaking is Metalor Technologies International SA, a company incorporated and registered in Switzerland. The Company's ultimate parent undertaking is Field In & Co Ltd, a company incorporated and registered in Japan.
The ultimate parent company prepares consolidated financial statements for public use and may be obtained from the website of Field In & Co Ltd. Their registered office address is 2 Chome-6-6 Nihonbashikayabacho, Chuo City, Tokyo 103-0025, Japan.
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