Alloy Wire International Limited Company accounts

COMPANY REGISTRATION NUMBER: 03722788

Alloy Wire International Limited

Financial Statements

31 March 2026

Alloy Wire International Limited

Financial Statements

Year ended 31 March 2026

Contents	Pages

Officers and professional advisers	1

Strategic report	2

Directors' report	3 to 5

Independent auditor's report to the members	6 to 9

Statement of income and retained earnings	10

Statement of financial position	11 to 12

Notes to the financial statements	13 to 23

Alloy Wire International Limited

Officers and Professional Advisers

The board of directors	Mr M Venables
	Mr A Shaw
	Mr T Mander
	Mr A du Plessis

Registered office	5a Narrowboat Way
	Hurst Business Park
	Brierley Hill
	West Midlands
	DY5 1UF

Auditor	TC Group
	Statutory auditor
	3B Swallowfield Courtyard
	Wolverhampton Road
	Oldbury
	West Midlands
	B69 2JG

Alloy Wire International Limited

Strategic Report

Year ended 31 March 2026

The principal activity of the company during the year was that of the manufacturing of round, shaped wire from high performance nickel alloys. The directors are pleased with the continued success of the business and the trading results achieved in the year and are satisfied with the overall position of the company at the year end. Turnover has decreased by £1,684,407 from the prior year. The fall in turnover is due to the ongoing normalisation of market conditions after several exceptional trading years. Customers are continuing to run down the elevated inventories built up during the post pandemic period, and ordering has returned to typical, sustainable levels. The reduction in turnover reflects a market wide adjustment, not any loss of demand, competitiveness or market share. The directors are pleased with the continued success of the business and the trading results achieved in the year and are satisfied with the overall position of the company at the year end. The directors measure the business's financial performance against certain key performance indicators (KPIs). These KPIs include sales levels, gross margins and added value, which are measured against break even levels, are deemed to be acceptable. Gross profit margin for 2026 was 49% (2025: 52%). The directors are satisfied with the results achieved in the year in comparison to prior periods. The company has continued to pursue new research and development opportunities by capitalising on their extensive knowledge of the industry as a way of entering into potential new markets. The Board of Directors regularly review the risks and uncertainties facing the company and consider this in line with their strategic business plan. There are mitigating strategies in place for the key risks and uncertainties and in the short term there are no higher risk areas that are of serious concern to the Board of Directors. Going forward the directors are confident that the company will be able to trade at the same capacity as it has done in recent years and will continue to be profitable. The company will strive towards maintaining productivity levels and efficiency of its operations to produce orders to the highest quality.

This report was approved by the board of directors on 4 September 2026 and signed on behalf of the board by:

Mr T Mander

Director

Registered office:

5a Narrowboat Way

Hurst Business Park

Brierley Hill

West Midlands

DY5 1UF

Alloy Wire International Limited

Directors' Report

Year ended 31 March 2026

The directors present their report and the financial statements of the company for the year ended 31 March 2026 .

Directors

The directors who served the company during the year were as follows:

Mr M Venables
Mr A Shaw
Mr T Mander
Mr A du Plessis

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

The directors are confident that the company will continue to be profitable and that this current level of turnover will be maintained.

Employment of disabled persons

The company is an equal opportunities employer and believes that everyone should have full and fair consideration for all vacancies, promotions, training and development. Should an employee become disabled during their employment at Alloy Wire International Limited, where possible, the company will actively retrain and adjust the environment to allow them to maximise the employee's potential.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 26 to the financial statements.

Research and development

The company has carried out research and development activities in the year and will submit a claim for research and development tax credits.

Financial risk management objectives and policies

Credit risk

The company monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk.

The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.

Currency risk

The company monitors currency risk closely and considers that its current policies meets its objectives of managing exposure to currency risk. There is no exchange rate hedging in place for the company for the year ended 31 March 2026.

Disclosure of information in the strategic report

The strategic report is detailed on page 2 of the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 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 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 4 September 2026 and signed on behalf of the board by:

Mr T Mander

Director

Registered office:

5a Narrowboat Way

Hurst Business Park

Brierley Hill

West Midlands

DY5 1UF

Alloy Wire International Limited

Independent Auditor's Report to the Members of Alloy Wire International Limited

Year ended 31 March 2026

Opinion

We have audited the financial statements of Alloy Wire International (the 'company') for the year ended 31st March 2026 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31st March 2026 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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:

- the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors’ report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Extent to which the audit was considered capable of detecting irregularities, including fraud The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. Our approach was as follows: - We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations; - We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK; - We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration; - We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit; - We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilitie . This description forms part of our auditor's report.

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 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philippa Miller-Hawkes BA CA

(Senior Statutory Auditor)

For and on behalf of

TC Group

Statutory auditor

3B Swallowfield Courtyard

Wolverhampton Road

Oldbury

West Midlands

B69 2JG

4 September 2026

Alloy Wire International Limited

Statement of Income and Retained Earnings

Year ended 31 March 2026

		2026	2025
Note		£	£
Turnover	4	14,787,468	16,471,875

Cost of sales	7,501,928	7,938,967
	-------------	-------------
Gross profit	7,285,540	8,532,908

Distribution costs		633,454	804,541
Administrative expenses		4,123,932	4,012,795
Other operating income	5	151,629	–
		------------	------------
Operating profit	6	2,679,783	3,715,572

Interest receivable	10	68,506	101,597
		------------	------------
Profit before taxation		2,748,289	3,817,169

Taxation on ordinary activities	11	601,254	861,705
		------------	------------
Profit for the financial year and total comprehensive income		2,147,035	2,955,464
		------------	------------

Dividends paid and payable	12	( 1,500,000)	–

Retained earnings at the start of the year	16,509,290	13,553,826
	-------------	-------------
Retained earnings at the end of the year	17,156,325	16,509,290
	-------------	-------------

All the activities of the company are from continuing operations.

Alloy Wire International Limited

Statement of Financial Position

31 March 2026

	2026		2025
Note	£	£	£

Fixed assets

Tangible assets	14	1,859,973	1,884,050
Investments	15	200	200
		------------	------------
		1,860,173	1,884,250

Current assets

Stocks	16	5,889,325	5,941,715
Debtors	17	10,278,827	8,931,783
Cash at bank and in hand		3,428,444	4,175,304
		-------------	-------------
		19,596,596	19,048,802

Creditors: amounts falling due within one year	18	3,467,741		3,583,343
		-------------		-------------
Net current assets			16,128,855	15,465,459
			-------------	-------------
Total assets less current liabilities			17,989,028	17,349,709

Creditors: amounts falling due after more than one year	19		69,293	74,146

Provisions

Taxation including deferred tax	20	275,758	278,621
		-------------	-------------
Net assets		17,643,977	16,996,942
		-------------	-------------

Alloy Wire International Limited

Statement of Financial Position (continued)

31 March 2026

	2026		2025
Note	£	£	£

Capital and reserves

Called up share capital	23	274,549	274,549
Share premium account	24	179,903	179,903
Capital redemption reserve	24	33,200	33,200
Profit and loss account	24	17,156,325	16,509,290
		-------------	-------------
Shareholders funds		17,643,977	16,996,942
		-------------	-------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 4 September 2026 , and are signed on behalf of the board by:

Mr T Mander

Director

Company registration number: 03722788

Alloy Wire International Limited

Notes to the Financial Statements

Year ended 31 March 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5a Narrowboat Way, Hurst Business Park, Brierley Hill, West Midlands, DY5 1UF.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Alloy Wire Holding 2022 Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: Disclosures in respect of financial instruments have not been presented. No disclosure has been given for the aggregate remuneration of key management personnel. The company is a qualifying entity and has taken advantage of the exemption from preparing a cash flow statement under Section 7 of FRS 102. The company is included in the consolidated financial statements of Alloy Wire Holding 2022 Limited, which are publicly available.

Consolidation

The entitys' results are included within the ultimate parent Company's consolidated financial statements, Alloy Wire Holding 2022 Limited, a company incorporated in England and Wales under the Companies Act 2006.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Goodwill Goodwill arising on business combinations is amortised on a straight-line basis over its estimated useful economic life. The directors have exercised judgement in determining that the useful economic life of goodwill is between 10 and 20 years, reflecting the expected period over which the business is anticipated to benefit from the acquired goodwill. This assessment takes into account factors such as the stability of the customer base, the strength of brand and reputation, and the long-term nature of of the underlying business activities. The amortisation period is reviewed annually, and goodwill is also assessed for indicators of impairment. Changes in assumptions regarding the useful economic life or future economic benefits could result in a material adjustment to the carrying value of goodwill in future periods.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Judgement is required in estimating the amount of capital allowances that will be available for offset against future taxable profits and the timing of their utilisation. The recognition of deferred tax assets is based on the directors’ assessment of the probability that sufficient future taxable profits will be available. Changes in tax legislation, profit forecasts, or capital expenditure plans could affect the amount of deferred tax recognised.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying a fixed budget exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. The transactions are then retranslated at the prevailing exchange rate at the year end.

Goodwill

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20 years straight Line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	No depreciation charged
Leasehold property improvement	-	4%-20% straight line
Plant and machinery	-	10%-20% straight line
Motor vehicles	-	20% straight line

Freehold property is not depreciated as it is the policy of the board to maintain the property in a good condition with costs being charged to revenue as they are incurred. The estimated residual value of the premises would result in any depreciation charge being of little significance.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is determined on a lowest cost price for the outstanding stock and includes labour and overhead where relevant. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. Judgement is applied in assessing whether inventories are impaired, particularly in relation to slow-moving, obsolete or damaged stock. This assessment considers factors such as inventory turnover, expected future demand, and selling prices. Changes in market conditions or customer demand could impact the recoverability of inventory values.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Research and development

Research and development expenditure is written off in the year in which it is incurred.

Financial instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

4. Turnover

Turnover arises from:

	2026	2025
	£	£
Sale of goods	14,787,468	16,471,875
	-------------	-------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2026	2025
	£	£
United Kingdom	6,398,647	6,130,643
Europe	4,612,100	5,681,066
Asia	1,333,450	859,925
America	2,112,463	3,444,872
Australasia	208,693	300,635
Africa	14,649	8,178
Middle East	107,466	46,556
	-------------	-------------
	14,787,468	16,471,875
	-------------	-------------

5. Other operating income

	2026	2025
	£	£
Other operating income	151,629	–
	---------	----

Other operating income received relates RDEC credits.

6. Operating profit

Operating profit or loss is stated after charging:

	2026	2025
	£	£
Depreciation of tangible assets	210,873	205,736
Loss on disposal of tangible assets	–	2,404
Impairment of trade debtors	7,521	1,615
Foreign exchange differences	181,052	213,912
Operating lease rental	140,997	117,471
	---------	---------

7. Auditor's remuneration

	2026	2025
	£	£
Fees payable for the audit of the financial statements	26,500	26,500
	--------	--------

8. Particulars of employees

The average number of persons employed by the company during the year, including the directors, amounted to:

	2026	2025
	No.	No.
Production staff	22	22
Administrative staff	12	12
	----	----
	34	34
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2026	2025
	£	£
Wages and salaries	4,249,348	4,148,087
Social security costs	600,236	539,792
Other pension costs	182,594	187,222
	------------	------------
	5,032,178	4,875,101
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2026	2025
	£	£
Remuneration	1,886,853	1,879,723
Company contributions to defined contribution pension plans	25,890	24,766
	------------	------------
	1,912,743	1,904,489
	------------	------------

The number of directors who accrued benefits under company pension plans was as follows:

	2026	2025
	No.	No.
Defined contribution plans	4	4
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2026	2025
	£	£
Aggregate remuneration	488,819	489,519
Company contributions to defined contribution pension plans	7,503	7,320
	---------	---------
	496,322	496,839
	---------	---------

10. Interest receivable

	2026	2025
	£	£
Interest on cash and cash equivalents	68,506	101,597
	--------	---------

11. Taxation on ordinary activities

Major components of tax expense

	2026	2025
	£	£

Current tax:

UK current tax expense	686,554	650,825
Adjustments in respect of prior periods	( 82,437)	143,886
	---------	---------
Total current tax	604,117	794,711
	---------	---------

Deferred tax:

Origination and reversal of timing differences	( 2,863)	66,994
	---------	---------
Taxation on ordinary activities	601,254	861,705
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2025: lower than) the standard rate of corporation tax in the UK of 25 % (2025: 25 %).

	2026	2025
	£	£
Profit on ordinary activities before taxation	2,748,289	3,817,169
	------------	------------
Profit on ordinary activities by rate of tax	687,072	954,292
Adjustment to tax charge in respect of prior periods	( 82,437)	143,886
Effect of expenses not deductible for tax purposes	23,687	14,978
Utilisation of tax losses	( 27,068)	( 76,578)
Research and development claims	–	(174,873)
	------------	------------
Tax on profit	601,254	861,705
	------------	------------

12. Dividends

	2026	2025
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	1,500,000	–
	------------	----

13. Intangible assets

	Goodwill
	£
Cost
At 1 April 2025 and 31 March 2026	300,000
	---------
Amortisation
At 1 April 2025 and 31 March 2026	300,000
	---------
Carrying amount
At 31 March 2026	–
	---------
At 31 March 2025	–
	---------

14. Tangible assets

	Freehold property	Leasehold property improvements	Plant and machinery	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2025	272,084	1,056,509	2,416,612	6,983	3,752,188
Additions	–	22,682	139,114	25,000	186,796
Disposals	–	–	( 36,489)	–	( 36,489)
	---------	------------	------------	--------	------------
At 31 March 2026	272,084	1,079,191	2,519,237	31,983	3,902,495
	---------	------------	------------	--------	------------
Depreciation
At 1 April 2025	2,638	301,895	1,556,622	6,983	1,868,138
Charge for the year	–	62,271	148,602	–	210,873
Disposals	–	–	( 36,489)	–	( 36,489)
	---------	------------	------------	--------	------------
At 31 March 2026	2,638	364,166	1,668,735	6,983	2,042,522
	---------	------------	------------	--------	------------
Carrying amount
At 31 March 2026	269,446	715,025	850,502	25,000	1,859,973
	---------	------------	------------	--------	------------
At 31 March 2025	269,446	754,614	859,990	–	1,884,050
	---------	------------	------------	--------	------------

Capital commitments

	2026	2025
	£	£
Contracted for but not provided for in the financial statements	53,330	46,146
	--------	--------

15. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2025 and 31 March 2026	70,100
	--------
Impairment
At 1 April 2025 and 31 March 2026	69,900
	--------

Carrying amount
At 31 March 2026	200
	--------
At 31 March 2025	200
	--------

The company owns 100% of the issued share capital of Resistance Wires Limited in which it holds 100 £1 ordinary shares. The company owns 100% of the issued share capital of Precision Shaped Wires Limited in which it holds 100 £1 ordinary shares.

The net asset values, profits and activities of the subsidiaries for the year are as listed below:

Aggregate capital and reserves

	2026	2025
	£	£
Resistance Wires Limited (dormant)	100	100
Precision Shaped Wires Limited (dormant)	100	100

Profit and (loss) for the year

		2026	2025
		£	£

Resistance Wires Limited (dormant) - -

Precision Shaped Wires Limited (dormant) - -

Precision Shaped Wires Limited and Resistance Wires Limited are both registered in England & Wales. Both companies were dormant for the year ended 31 March 2026.

16. Stocks

	2026	2025
	£	£
Raw materials	5,889,325	5,941,715
	------------	------------

17. Debtors

	2026	2025
	£	£
Trade debtors	1,748,506	2,004,505
Amounts owed by group undertakings	8,498,024	6,798,024
Prepayments and accrued income	32,297	129,254
	-------------	------------
	10,278,827	8,931,783
	-------------	------------

18. Creditors: amounts falling due within one year

	2026	2025
	£	£
Trade creditors	1,497,199	1,461,927
Amounts owed to group undertakings	200	200
Accruals and deferred income	1,633,676	1,643,959
Corporation tax	160,643	276,793
Social security and other taxes	166,170	195,611
Other creditors	9,853	4,853
	------------	------------
	3,467,741	3,583,343
	------------	------------

There is a fixed and floating charge over the assets of the Company.

19. Creditors: amounts falling due after more than one year

	2026	2025
	£	£
Other creditors	69,293	74,146
	--------	--------

Other creditors > 1 year relate to deferred capital expenditure grants.

20. Provisions

	Deferred tax (note 21)
	£
At 1 April 2025	278,621
Additions	( 2,863)
	---------
At 31 March 2026	275,758
	---------

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2026	2025
	£	£
Included in provisions (note 20)	275,758	278,621
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2026	2025
	£	£
Accelerated capital allowances	275,758	278,621
	---------	---------

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 182,594 (2025: £ 187,222 ).

23. Called up share capital

Issued, called up and fully paid

	2026		2025
	No.	£	No.	£
Ordinary Class A shares of £ 1 each	181,400	181,400	181,400	181,400
Ordinary Class B shares of £ 1 each	93,149	93,149	93,149	93,149
	---------	---------	---------	---------
	274,549	274,549	274,549	274,549
	---------	---------	---------	---------

All shares rank pari pasu with regards to voting rights, dividends and capital in a winding up.

24. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

25. Commitments under operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2026	2025
	£	£
Not later than 1 year	431	131,845
Later than 1 year and not later than 5 years	4,198	395,535
	-------	---------
	4,629	527,380
	-------	---------

26. Events after the end of the reporting period

Subsequent to the reporting date, the Company completed the sale of Unit 1, Norquest Industrial Park, Birstall, Batley WF17 9N on 24 April 2026 for a consideration of £540,000. As the transaction occurred after the reporting date, this represents a non-adjusting event under FRS 102. Accordingly, no adjustment has been made to the amounts recognised in these financial statements. The directors consider this to be a significant event and have therefore disclosed it in accordance with the requirements of FRS 102.

27. Related party transactions

Under FRS 102 the company is exempt from disclosing transactions with fellow group companies on the basis that consolidated accounts are prepared which are publicly available.

28. Controlling party

The company was under the control of Mr A Shaw , Mr A du Plessis and Mr T Mander in the year. No one individual has overall control. The ultimate parent company is Alloy Wire Holding 2022 Limited. The registered address of the ultimate parent company is Unit 5a Narrowboat Way, Hurst Business Park, Brierley Hill, West Midlands, United Kingdom, DY5 1UF.