Alloy Wire Holding 2022 Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 13981435

Alloy Wire Holding 2022 Limited

Financial Statements

31 March 2026

Alloy Wire Holding 2022 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 10

Consolidated statement of comprehensive income	11

Consolidated statement of financial position	12

Company statement of financial position	13

Consolidated statement of changes in equity	14

Company statement of changes in equity	15

Consolidated statement of cash flows	16

Notes to the financial statements	17 to 31

Alloy Wire Holding 2022 Limited

Officers and Professional Advisers

The board of directors	A Shaw
	T Mander
	A du Plessis

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

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

Alloy Wire Holding 2022 Limited

Strategic Report

Year ended 31 March 2026

The company was incorporated on 16 March 2022. The principal activity of the group was that of the manufacturing round wire, shaped wire, bars, and wire rope in high performance nickel alloys. The Alloy Wire Holding 2022 Limited group includes Alloy Wire International Limited (trading company) along with Resistance Wires and Precision Shaped Wires Limited, the two dormant subsidiaries. The Directors are pleased with the success of the business and trading results achieved in the period and are satisfied with the overall position of the group at the period end. Turnover of the group was £14,787,468 (2025 - £16,471,875) and profit before tax was £2,317,020 (2025 - £3,335,116). 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 group at the year end. The directors measure the groups financial performance against certain key performance indictors (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 period. The group 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 group 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 group will be able to trade at the same capacity as it has done and will continue to be profitable. The group 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:

T Mander

Director

Registered office:

Unit 5A Narrowboat Way

Hurst Business Park

Brierley Hill

West Midlands

DY5 1UF

Alloy Wire Holding 2022 Limited

Directors' Report

Year ended 31 March 2026

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

Directors

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

A Shaw
T Mander
A du Plessis

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Future developments

There are no significant future developments affecting the group or company.

The directors are confident that the group will continue to be profitable and that trading levels will be maintained.

Employment of disabled persons

The group 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 with the group, where possible, the group will actively retrain and adjust the environment to allow them to maximise the employee's potential.

Financial instruments

The main risks that the group is exposed to include credit risk, currency risk, interest rate risk and price risk. The directors monitor these risks on a regular basis and take the most appropriate course of action.

Credit risk

The group monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk. The group 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 group 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 group for the period ended 31 March 2026.

Interest rate risk

The groups loan notes carry a fixed rate of interest and bank loans have an agreed rate above base therefore the directors consider that any exposure to the group from interest rate increases is minimal.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 29 to the financial statements.

Research and development

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

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 group and the company and 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 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 group and 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 group and 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:

T Mander

Director

Registered office:

Unit 5A Narrowboat Way

Hurst Business Park

Brierley Hill

West Midlands

DY5 1UF

Alloy Wire Holding 2022 Limited

Independent Auditor's Report to the Members of Alloy Wire Holding 2022 Limited

Year ended 31 March 2026

Opinion

We have audited the financial statements of Alloy Wire Holding 2022 Limited (the 'group') for the year ended 31 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 group's affairs as at 31 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.

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. 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: 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/auditorsresponsibilities. This description forms part of our auditor’s report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 ACA

(Senior Statutory Auditor)

For and on behalf of

TC Group

Accountants & statutory auditor

3B Swallowfield Courtyard

Wolverhampton Road

Oldbury

West Midlands

B69 2JG

4 September 2026

Alloy Wire Holding 2022 Limited

Consolidated Statement of Comprehensive Income

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		4,147,795	4,122,928
Other operating income	5	151,629	–
		------------	------------
Operating profit	6	2,655,920	3,605,439

Other interest receivable and similar income	10	68,506	102,387
Interest payable and similar expenses	11	255,777	372,710
		------------	------------
Profit before taxation		2,468,649	3,335,116

Tax on profit	12	601,254	861,697
		------------	------------
Profit for the financial year and total comprehensive income		1,867,395	2,473,419
		------------	------------

All the activities of the group are from continuing operations.

Alloy Wire Holding 2022 Limited

Consolidated Statement of Financial Position

31 March 2026

	2026	2025
Note	£	£

Fixed assets

Intangible assets	14	1,162,497	1,333,866
Tangible assets	15	4,523,639	3,659,214
		------------	------------
		5,686,136	4,993,080

Current assets

Stocks	17	5,889,325	5,941,715
Debtors	18	1,780,803	2,133,760
Cash at bank and in hand		4,329,556	4,848,373
		-------------	-------------
		11,999,684	12,923,848

Creditors: amounts falling due within one year	19	5,647,353	5,479,564
		-------------	-------------
Net current assets		6,352,331	7,444,284
		-------------	-------------
Total assets less current liabilities		12,038,467	12,437,364

Creditors: amounts falling due after more than one year	20	1,545,351	3,333,803

Provisions	21	275,758	278,621
		-------------	-------------
Net assets		10,217,358	8,824,940
		-------------	-------------

Capital and reserves

Called up share capital	25	89,541	90,341
Share premium account	26	513,004	515,595
Merger reserve	26	2,018,215	2,018,215
Profit and loss account	26	7,596,598	6,200,789
		-------------	------------
Shareholders funds		10,217,358	8,824,940
		-------------	------------

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:

T Mander

Director

Company registration number: 13981435

Alloy Wire Holding 2022 Limited

Company Statement of Financial Position

31 March 2026

	2026	2025
Note	£	£

Fixed assets

Investments	16	22,424,063	21,535,561

Current assets

Cash at bank and in hand	901,112	673,069

Creditors: amounts falling due within one year	19	10,677,836	8,694,445
		-------------	------------
Net current liabilities		9,776,724	8,021,376
		-------------	-------------
Total assets less current liabilities		12,647,339	13,514,185

Creditors: amounts falling due after more than one year	20	1,476,058	3,259,657
		-------------	-------------
Net assets		11,171,281	10,254,528
		-------------	-------------

Capital and reserves

Called up share capital	25	89,541	90,341
Share premium account	26	513,004	515,595
Merger reserve	26	2,018,215	2,018,215
Profit and loss account	26	8,550,521	7,630,377
		-------------	-------------
Shareholders funds		11,171,281	10,254,528
		-------------	-------------

The profit for the financial year of the parent company was £ 1,391,730 (2025: £ 6,097,255 ).

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:

T Mander

Director

Company registration number: 13981435

Alloy Wire Holding 2022 Limited

Consolidated Statement of Changes in Equity

Year ended 31 March 2026

		Called up share capital	Share premium account	Merger reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 April 2024		90,571	516,380	2,018,215	4,139,670	6,764,836

Profit for the year					2,473,419	2,473,419
		--------	---------	------------	------------	------------
Total comprehensive income for the year		–	–	–	2,473,419	2,473,419

Dividends paid and payable	13	–	–	–	( 407,565)	( 407,565)
Redemption of shares		( 230)	( 785)	–	( 4,735)	( 5,750)
		--------	---------	------------	------------	------------
Total investments by and distributions to owners		( 230)	( 785)	–	( 412,300)	( 413,315)

At 31 March 2025		90,341	515,595	2,018,215	6,200,789	8,824,940

Profit for the year					1,867,395	1,867,395
		--------	---------	------------	------------	------------
Total comprehensive income for the year		–	–	–	1,867,395	1,867,395

Dividends paid and payable	13	–	–	–	( 406,530)	( 406,530)
Redemption of shares		( 800)	( 2,591)	–	( 65,056)	( 68,447)
		----	-------	----	---------	---------
Total investments by and distributions to owners		( 800)	( 2,591)	–	( 471,586)	( 474,977)

		--------	---------	------------	------------	-------------
At 31 March 2026		89,541	513,004	2,018,215	7,596,598	10,217,358
		--------	---------	------------	------------	-------------

Alloy Wire Holding 2022 Limited

Company Statement of Changes in Equity

Year ended 31 March 2026

		Called up share capital	Share premium account	Merger reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 April 2024		90,571	516,380	2,018,215	1,945,422	4,570,588

Profit for the year					6,097,255	6,097,255
		--------	---------	------------	------------	------------
Total comprehensive income for the year		–	–	–	6,097,255	6,097,255

Dividends paid and payable	13	–	–	–	( 407,565)	( 407,565)
Redemption of shares		( 230)	( 785)	–	( 4,735)	( 5,750)
		--------	---------	------------	------------	------------
Total investments by and distributions to owners		( 230)	( 785)	–	( 412,300)	( 413,315)

At 31 March 2025		90,341	515,595	2,018,215	7,630,377	10,254,528

Profit for the year					1,391,730	1,391,730
		--------	---------	------------	------------	-------------
Total comprehensive income for the year		–	–	–	1,391,730	1,391,730

Dividends paid and payable	13	–	–	–	( 406,530)	( 406,530)
Redemption of shares		( 800)	( 2,591)	–	( 65,056)	( 68,447)
		----	-------	----	---------	---------
Total investments by and distributions to owners		( 800)	( 2,591)	–	( 471,586)	( 474,977)

		--------	---------	------------	------------	-------------
At 31 March 2026		89,541	513,004	2,018,215	8,550,521	11,171,281
		--------	---------	------------	------------	-------------

Alloy Wire Holding 2022 Limited

Consolidated Statement of Cash Flows

Year ended 31 March 2026

	2026	2025
	£	£

Cash flows from operating activities

Profit for the financial year	1,867,395	2,473,419

Adjustments for:
Depreciation of tangible assets	210,873	205,736
Amortisation of intangible assets	171,369	171,369
Other interest receivable and similar income	( 68,506)	( 102,387)
Interest payable and similar expenses	94,491	372,710
Loss on disposal of tangible assets	–	2,404
Tax on profit	601,254	861,697
Accrued expenses	1,472,000	–

Changes in:
Stocks	52,390	( 1,035,097)
Trade and other debtors	352,957	584,004
Trade and other creditors	( 1,000,145)	( 445,961)
	------------	------------
Cash generated from operations	3,754,078	3,087,894

Interest paid	( 255,777)	( 372,710)
Interest received	68,506	102,387
Tax paid	( 876,162)	( 658,124)
	------------	------------
Net cash from operating activities	2,690,645	2,159,447
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 1,075,298)	( 428,666)
	------------	------------
Net cash used in investing activities	( 1,075,298)	( 428,666)
	------------	------------

Cash flows from financing activities

Purchase of own shares	( 65,056)	( 5,750)
Proceeds from borrowings	( 84,223)	–
Dividends paid	( 406,530)	( 407,565)
Repayment of loan notes	(1,578,355)	(1,739,956)
	------------	------------
Net cash used in financing activities	( 2,134,164)	( 2,153,271)
	------------	------------

Net decrease in cash and cash equivalents	( 518,817)	( 422,490)
Cash and cash equivalents at beginning of year	4,848,373	5,270,863
	------------	------------
Cash and cash equivalents at end of year	4,329,556	4,848,373
	------------	------------

Alloy Wire Holding 2022 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 Unit 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 parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: - No cash flow statement has been presented for the company.

Consolidation

The financial statements consolidate the financial statements of Alloy Wire Holding 2022 Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

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. Freehold Property Freehold property is held at fair value and is not depreciated. The directors have applied judgement in concluding that fair value provides a more relevant measure of the property’s value to the business than historical cost. The fair value is based on market evidence, including professional valuations where appropriate, and reflects assumptions about market conditions, yields, and comparable property prices. As property valuations are inherently subjective, changes in market conditions or assumptions used could give rise to material changes in the carrying value of freehold property in future periods.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Research and development

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

- There is the intention to complete the intangible asset and use or sell it;

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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
Goodwill on acquisition of subsidiaries	-	10 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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
Long leasehold property	-	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 incurred. The estimated residual value of the premises would result in any depreciation charge being of little significance. Investment Property Investment property comprises property held to earn rentals and/or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes. Investment property is initially recognised at cost, including transaction costs. After initial recognition, investment property is measured at fair value at each reporting date, with changes in fair value recognised in the profit and loss account for the period. In accordance with FRS 102, investment property is not depreciated. Fair value is determined based on market evidence, including recent market transactions for similar properties in the same location and condition. Where appropriate, valuations may be supported by external professional valuations. Rental income from investment property is recognised in the profit and loss account on a straight-line basis over the term of the lease. Direct operating expenses, including repairs and maintenance, are charged to the profit and loss account as incurred. On disposal of an investment property, the difference between the net disposal proceeds and the carrying amount is recognised in the profit and loss account.

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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 measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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.

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 group. 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
Overseas	8,388,821	10,341,232
	-------------	-------------
	14,787,468	16,471,875
	-------------	-------------

5. Other operating income

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

Other operating income comprises research and development tax credit income of £151,629.

6. Operating profit

Operating profit or loss is stated after charging:

	2026	2025
	£	£
Amortisation of intangible assets	171,369	171,369
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 rentals	140,997	117,471
	---------	---------

7. Auditor's remuneration

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

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	–	3,000
	--------	--------

8. Staff costs

The average number of persons employed by the group 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	1,415,914	1,409,709
Company contributions to defined contribution pension plans	19,526	18,556
	------------	------------
	1,435,440	1,428,265
	------------	------------

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

	2026	2025
	No.	No.
Defined contribution plans	3	3
	----	----

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. Other interest receivable and similar income

	2026	2025
	£	£
Interest on cash and cash equivalents	68,506	102,387
	--------	---------

11. Interest payable and similar expenses

	2026	2025
	£	£
Interest on banks loans and overdrafts	89,073	106,965
Other interest payable and similar charges	166,704	265,745
	---------	---------
	255,777	372,710
	---------	---------

12. Tax on profit

Major components of tax expense

	2026	2025
	£	£

Current tax:

UK current tax income	686,554	650,825
Adjustments in respect of prior periods	( 82,437)	143,878
	---------	---------
Total current tax	604,117	794,703
	---------	---------

Deferred tax:

Origination and reversal of timing differences	( 2,863)	66,994
	---------	---------
Tax on profit	601,254	861,697
	---------	---------

Reconciliation of tax expense

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

	2026	2025
	£	£
Profit on ordinary activities before taxation	2,468,649	3,335,116
	------------	------------
Profit on ordinary activities by rate of tax	621,662	833,779
Adjustment to tax charge in respect of prior periods	( 82,437)	143,886
Effect of expenses not deductible for tax purposes	62,029	58,904
Research and development claims	–	(174,872)
	------------	------------
Tax on profit	601,254	861,697
	------------	------------

13. Dividends

	2026	2025
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	406,530	407,565
	---------	---------

14. Intangible assets

Group	Goodwill	Goodwill on acquisition of subsidiaries	Total
	£	£	£
Cost
At 1 April 2025 and 31 March 2026	300,000	1,713,695	2,013,695
	---------	------------	------------
Amortisation
At 1 April 2025	300,000	379,829	679,829
Charge for the year	–	171,369	171,369
	---------	------------	------------
At 31 March 2026	300,000	551,198	851,198
	---------	------------	------------
Carrying amount
At 31 March 2026	–	1,162,497	1,162,497
	---------	------------	------------
At 31 March 2025	–	1,333,866	1,333,866
	---------	------------	------------

The company has no intangible assets.

15. Tangible assets

Group	Freehold property	Long leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2025	2,047,248	1,056,509	2,416,612	6,983	5,527,352
Additions	888,502	22,682	139,114	25,000	1,075,298
Disposals	–	–	( 36,489)	–	( 36,489)
	------------	------------	------------	--------	------------
At 31 March 2026	2,935,750	1,079,191	2,519,237	31,983	6,566,161
	------------	------------	------------	--------	------------
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	2,933,112	715,025	850,502	25,000	4,523,639
	------------	------------	------------	--------	------------
At 31 March 2025	2,044,610	754,614	859,990	–	3,659,214
	------------	------------	------------	--------	------------

The company has no tangible assets.

16. Investments

The group has no investments.

Company	Shares in group undertakings	Investment Property	Total
	£	£	£
Cost
At 1 April 2025	19,760,397	1,775,164	21,535,561
Additions	–	888,502	888,502
	-------------	------------	-------------
At 31 March 2026	19,760,397	2,663,666	22,424,063
	-------------	------------	-------------
Impairment
At 1 April 2025 and 31 March 2026	–	–	–
	-------------	------------	-------------

Carrying amount
At 31 March 2026	19,760,397	2,663,666	22,424,063
	-------------	------------	-------------
At 31 March 2025	19,760,397	1,775,164	21,535,561
	-------------	------------	-------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Alloy Wire International Limited	Ordinary	100
Precision Shaped Wires Limited	Ordinary	100
Resistance Wires Limited	Ordinary	100

Alloy Wire Holding 2022 Limited own 100% of the issued share capital in Alloy Wire International Limited. Alloy Wire International Limited owns 100% of the issued share capital in Precision Shaped Wires Limited and Resistance Wires Limited, both companies are registered in England and Wales under the Companies Act 2006 and both were dormant in the current year.

17. Stocks

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Raw materials and consumables	5,889,325	5,941,715	–	–
	------------	------------	----	----

18. Debtors

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Trade debtors	1,748,506	2,004,505	–	–
Prepayments and accrued income	32,297	129,254	–	–
Other debtors	–	1	–	–
	------------	------------	----	----
	1,780,803	2,133,760	–	–
	------------	------------	----	----

19. Creditors: amounts falling due within one year

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Bank loans and overdrafts	75,153	68,495	75,153	68,495
Trade creditors	1,497,199	1,467,096	–	5,169
Amounts owed to group undertakings	–	–	8,498,024	6,798,024
Accruals and deferred income	1,633,676	1,643,959	–	–
Corporation tax	160,643	276,793	–	–
Social security and other taxes	175,562	198,750	9,392	3,139
Loan notes	2,095,267	1,819,618	2,095,267	1,819,618
Other creditors	9,853	4,853	–	–
	------------	------------	-------------	------------
	5,647,353	5,479,564	10,677,836	8,694,445
	------------	------------	-------------	------------

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

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Bank loans and overdrafts	1,281,857	1,372,738	1,281,857	1,372,738
Loan notes	194,201	1,886,919	194,201	1,886,919
Other creditors	69,293	74,146	–	–
	------------	------------	------------	------------
	1,545,351	3,333,803	1,476,058	3,259,657
	------------	------------	------------	------------

The bank loan is secured over the assets of the company. Of the loan outstanding, £909,403 is due for payment in more than 5 years. Interest on the loan is 2.25% above base rate. The loan notes are secured by way of fixed and floating charge over the company and assets. Loan notes are repayable within 5 years and carry an interest rate of 2.25% above base rate but are capped at 6% and collared at 3.75%.

21. Provisions

Group	Deferred tax (note 22)
	£
At 1 April 2025	278,621
Additions	( 2,863)
	---------
At 31 March 2026	275,758
	---------

The company does not have any provisions.

22. Deferred tax

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

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Included in provisions (note 21)	275,758	278,621	–	–
	---------	---------	----	----

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

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

23. 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 ).

24. Financial instruments

Financial assets measured at cost less impairment comprise cash at bank, trade debtors and other debtors and amounted to £6,110,359 (2025: £6,852,879). Company - £901,112 (2025: £673,069). Financial liabilities measured at amortised cost comprise bank loans, overdrafts, trade creditors, accruals. other creditors and loan notes and amounted to £8,778,456 (2025: £6,693,865). Company - £12,143,894 (2025: £11,945,794).

25. Called up share capital

Issued, called up and fully paid

	2026		2025
	No.	£	No.	£
Ordinary shares of £ 1 each	89,540	89,540	90,340	90,340
Ordinary G shares of £ 1 each	1	1	1	1
	--------	--------	--------	--------
	89,541	89,541	90,341	90,341
	--------	--------	--------	--------

The ordinary shares carry voting and dividend rights. The G share does not carry any voting or dividend rights unless any default event occurs in which case the G shareholder can serve a default notice which gives the right to vote at the exclusion of the ordinary shareholders. The company has the ability to issue a further 10,460 £1 ordinary shares that have not yet been allocated. These shares do not currently hold any rights.

26. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses, net of dividends paid and other adjustments. Merger reserve - this reserve represents the difference between the value of shares issued by the company in exchange for the value of shares acquired in respect of the acquisition of subsidiaries.

27. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Tangible assets	53,330	46,146	–	–
	--------	--------	----	----

28. Operating leases

As lessee

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

	Group		Company
	2026	2025	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	–	–
	-------	---------	----	----

As lessor

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

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Not later than 1 year	–	131,845	–	–
Later than 1 year and not later than 5 years	–	395,535	–	–
	----	---------	----	----
	–	527,380	–	–
	----	---------	----	----

29. Events after the end of the reporting period

Subsequent to the reporting date, the subsidiary Alloy Wire International Limited 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.

30. Related party transactions

Company

During the period, the directors were advanced £Nil (2025 - £Nil), amounts repaid amounted to £Nil (2025 - £106,542) and interest charged totalled £Nil (2025 - £791). At the balance sheet date there was £Nil (2025 - £Nil) outstanding.

31. Controlling party

There is no one ultimate controlling party. The directors are the key management of the group therefore the key management remuneration is as per the directors remuneration note.