REGISTERED NUMBER: 01516685 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

FOR

AMG RESOURCES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Mr A M Goldstein

E E Goldstein

REGISTERED OFFICE:

Nevills Dock

Llanelli

Dyfed

SA15 2HD

REGISTERED NUMBER:

01516685 (England and Wales)

AUDITORS:

Aspen Waite Limited

Chartered Accountants and Statutory Auditors

Rubis House

15 Friarn Street

Bridgwater

Somerset

TA6 3LH

The directors present their strategic report for the year ended 31st December 2025.

PRINCIPAL ACTIVITIES

The principal operation of the business continued to be metal recovery and processing and its these core activities in which the company continues to excel in.

REVIEW OF BUSINESS

The closure of Port talbot blast furnace, meant its sister plant in Llanelli had nowhere to take its scrap material, consequently the company tendered to manage/(buy) this scrap

Closure meant that Port talbot was no longer making steel therefore had no demand for scrap. Therefore, the company became unable to supply and had to look for alternatives - these included exporting (short sea) to The Netherlands / Spain, at reduced margins.

PRINCIPAL RISKS AND UNCERTAINTIES

Price risk

The company's products are subject to changing market prices at both selling and purchasing levels. It manages this risk by striving to be a low cost producer.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The company exercises strong credit control procedures.

Liquidity risk

The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.

Interest rate cash flow risk

The company's policy is to manage its cost of borrowing using a mix of debts.

KEY PERFORMANCE INDICATORS

The directors consider turnover and profitability to be the key performance indicators, and these are reviewed on an ongoing basis throughout the year.

31/12/25

31/12/24

Movement

£

£

Turnover

22,295,786

18,634,764

19.6%

Gross profit

243,717

653,372

(62.7%

)

Profit /(Loss) before taxation

(378,891

)

93,882

(503.6%

)

FUTURE DEVELOPMENTS

We will continue with our efforts to maximise efficiencies across operations, whilst evaluating opportunities to strengthen our market offering. Looking ahead, we will aim to return to growth during 2026 and 2027 by focusing on:

- Our strong market presence and awareness;

- Our ongoing focus on Research and Development to improve recovery and processing;

The company continues to receive the support of its affiliated company AMG Resources Corporation USA who see the UK operation as an integral part of the group.

The opening of the Tata electric are furnace at Port Talbot scheduled for late 2027 will open up business opportunities.

ON BEHALF OF THE BOARD:

Mr A M Goldstein - Director

14th September 2026

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

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2025 (2024; nil).

The directors do not recommend a final dividend.

RESEARCH AND DEVELOPMENT

The company continues to research and develop methodology to extract increased value during the processing of complex mixed metal waste streams.

DIRECTORS

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

Mr A M Goldstein

E E Goldstein

DISCLOSURE IN THE STRATEGIC REPORT

Disclosures relating to future developments and financial risk management have been made in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Aspen Waite Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A M Goldstein - Director

14th September 2026

Opinion

We have audited the financial statements of AMG Resources Limited (the 'company') for the year ended 31st December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2025 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud are instances of non-compliance with laws and regulations. We designed 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 irregularity including fraud is detailed below.

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; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an affect: environmental licence legislation, employment legislation; health and safety legislation; trade and export legislation; GDPR; anti-bribery and corruption legislation.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

Challenging assumptions made by management in its significant accounting estimates in particular: depreciation, provisions for bad debts and provisions for slow moving stocks.

Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, and journal entries posted by senior management, Journals tested includes those in during the period and up to the date of the signing of the audit report.

Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis;

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

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 International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Waite (Senior Statutory Auditor)

for and on behalf of Aspen Waite Limited

Chartered Accountants and Statutory Auditors

Rubis House

15 Friarn Street

Bridgwater

Somerset

TA6 3LH

14th September 2026

TURNOVER

3

22,295,786

18,634,764

Cost of sales

(22,052,069

)

(17,981,392

)

GROSS PROFIT

243,717

653,372

Administrative expenses

(885,666

)

(890,573

)

(641,949

)

(237,201

)

Other operating income

175,000

250,000

OPERATING (LOSS)/PROFIT

(466,949

)

12,799

Interest receivable and similar income

88,058

81,083

(LOSS)/PROFIT BEFORE TAXATION

5

(378,891

)

93,882

Tax on (loss)/profit

6

97,657

168,420

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(281,234

)

262,302

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(281,234

)

262,302

FIXED ASSETS

Tangible assets

7

3,870,333

3,624,017

CURRENT ASSETS

Stocks

8

3,275,041

1,240,016

Debtors

9

5,778,557

7,757,538

Cash at bank

712,543

321,273

9,766,141

9,318,827

CREDITORS

Amounts falling due within one year

10

(3,490,966

)

(2,418,445

)

NET CURRENT ASSETS

6,275,175

6,900,382

TOTAL ASSETS LESS CURRENT LIABILITIES

10,145,508

10,524,399

PROVISIONS FOR LIABILITIES

13

(497,074

)

(594,731

)

NET ASSETS

9,648,434

9,929,668

CAPITAL AND RESERVES

Called up share capital

14

1,155,000

1,155,000

Revaluation reserve

126,961

126,961

Retained earnings

8,366,473

8,647,707

SHAREHOLDERS' FUNDS

9,648,434

9,929,668

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 14th September 2026 and were signed on its behalf by:

E E Goldstein - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2024

1,155,000

8,206,250

306,116

9,667,366

Changes in equity

Total comprehensive income

-

441,457

(179,155

)

262,302

Balance at 31st December 2024

1,155,000

8,647,707

126,961

9,929,668

Changes in equity

Total comprehensive loss

-

(281,234

)

-

(281,234

)

Balance at 31st December 2025

1,155,000

8,366,473

126,961

9,648,434

1.	GENERAL INFORMATION

AMG Resources Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is Nevills Dock, Llanelli, Dyfed SA15 2HD. The functional currency of the company is Sterling shown in the financial statements to the nearest one pound.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42 and 11.47, Basic Financial Instruments;;

•

the requirements of paragraphs 33.7, Related Party Disclosures..

SIGNIFICANT JUDGEMENTS AND ESTIMATES

Preparation of the financial statements requires management to make significant judgements and estimates. The estimates and associated assumptions are based on historical experience and current relevant factors. The assumptions are revised on an ongoing basis and any revisions are recognised in the period in which they are revised. The items in the financial statements where these judgements and estimates have been made include:

RECOVERABILITY OF DEBTORS:

Management have considered possible incidences of bad debts and judged that no provision is required at the year end in this respect. The company does not have a history of bad debts.

Intercompany balances have been assessed for recoverability and the directors believe these balances are valid debtors in the company's accounts The parent companies continue to support AMG Resources Limited.

RELATED PARTY EXEMPTION

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sales of goods. Turnover is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually on customer acceptance of the goods.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixed assets are initially measured at cost, previously revalued land is now measured at deemed cost following transition to FRS 102, and subsequently at cost less any depreciation and impairment.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation , less estimated residual value of each asset evenly over its expected useful life, as follows:

Freehold buildings - 10 to 20 years straight line

Plant and machinery, fixtures and office equipment - 5 to 15 years straight line

Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Interest payable in respect of major construction and improvement projects is included in the cost of plant and equipment. Such costs relate to expenditure incurred prior to the project becoming operational.

STOCKS

Stocks are valued at the lower of cost and selling price less costs to complete on a weighted average basis. Cost includes all costs incurred in bringing each product to its present location and condition. A provision is made for damaged, obsolete and slow-moving stock as appropriate.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RESEARCH AND DEVELOPMENT

Expenditure on research and development is written off in the year in which it is incurred.

FOREIGN CURRENCIES

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All exchange differences on monetary assets and liabilities are taken to the profit or loss.

Monetary assets and liabilities are translated at the rate of exchange ruling at the date of settlement of the transaction. Non-monetary assets and liabilities are not retranslated at the balance sheet date,

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FINANCIAL INSTRUMENTS

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

IMPAIRMENT OF FINANCIAL ASSETS

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

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

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

DERECOGNITION OF FINANCIAL ASSETS

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

CLASSIFICATION OF FINANCIAL LIABILITIES

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

BASIC FINANCIAL LIABILITIES

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transactions price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

DERECOGNITION OF FINANCIAL LIABILITIES

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

EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

GOING CONCERN

At the time of approving the financial statements the Directors have considered the company's performance for the next 12 months from date of this report.

Based on the available bank facilities, cash reserves, and performance forecasts, the Directors have identified no material uncertainties regarding the going concern status of the company.

DIVIDENDS

Final dividends are recognised on the date of approval by shareholders. Interim dividends are recognised on the date paid, or the date that they are formally offset against amounts due to shareholders.

3.

TURNOVER

100% of turnover is attributable to the continuing activity of recovering high quality mild steel from tin plate, the production of prime products from post-consumer metal packaging and the supply of ferrous and non-ferrous scrap.

4.	EMPLOYEES AND DIRECTORS

31/12/25

31/12/24

£

£

Wages and salaries

734,237

702,537

Social security costs

84,375

71,247

Other pension costs

28,771

27,688

847,383

801,472

The average number of employees during the year was as follows:

31/12/25

31/12/24

Directors

2

2

Management

6

5

Administrators

3

4

Operatives

9

9

20

20

31/12/25

31/12/24

£

£

Directors' remuneration

-

-

The directors do not receive remuneration for their services to the company.

5.	(LOSS)/PROFIT BEFORE TAXATION

The loss (2024 - profit) is stated after charging/(crediting):

31/12/25

31/12/24

£

£

Depreciation - owned assets

485,457

404,195

Loss on disposal of fixed assets

-

121,756

Auditors remuneration - audit

15,000

13,000

Foreign exchange loss/(gain)

(46,977

)

(338,495

)

Research and development

205,000

190,000

6.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31/12/25

31/12/24

£

£

Current tax:

UK corporation tax

-

(23,923

)

Prior year adjustment

-

(48,447

)

Total current tax

-

(72,370

)

Deferred tax

(97,657

)

(96,050

)

Tax on (loss)/profit

(97,657

)

(168,420

)

RECONCILIATION OF TOTAL TAX CREDIT INCLUDED IN PROFIT AND LOSS

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/25

31/12/24

£

£

(Loss)/profit before tax

(378,891

)

93,882

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19% (2024 - 19%)

(71,989

)

17,838

Effects of:

Expenses not deductible for tax purposes

1,265

2,404

Capital allowances in excess of depreciation

(47,247

)

(34,649

)

Adjustments to tax charge in respect of previous periods

-

(48,447

)

Origination and reversal of timing differences

20,314

(81,643

)

Research and development credit

-

(23,923

)

Total tax credit

(97,657

)

(168,420

)

There are no known factors affecting future tax charges.

7.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1st January 2025

1,122,935

6,432,307

7,555,242

Additions

-

731,773

731,773

At 31st December 2025

1,122,935

7,164,080

8,287,015

DEPRECIATION

At 1st January 2025

478,956

3,452,269

3,931,225

Charge for year

21,467

463,990

485,457

At 31st December 2025

500,423

3,916,259

4,416,682

NET BOOK VALUE

At 31st December 2025

622,512

3,247,821

3,870,333

At 31st December 2024

643,979

2,980,038

3,624,017

8.

STOCKS

31/12/25

31/12/24

£

£

Raw materials

21,157

21,097

Finished goods

3,253,884

1,218,919

3,275,041

1,240,016

All stock is pledged as security for liabilities.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/25

31/12/24

£

£

Trade debtors

1,401,767

2,530,572

Amounts owed by group undertakings

3,573,561

4,826,773

Other debtors

607,698

214,157

Corporation tax recoverable

23,923

23,923

Prepayments and accrued income

171,608

162,113

5,778,557

7,757,538

Amounts owed by the ultimate parent undertaking are unsecured and are charged interest at 4% and are repayable on demand. Amounts owed by the immediate parent undertaking are unsecured, interest free and are repayable on demand.

The directors of AMG Resources Limited are also the directors of the ultimate holding company, therefore can ensure intercompany balances are settled on demand as required.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/25

31/12/24

£

£

Bank loans and overdrafts (see note 11)

-

5,946

Trade creditors

3,116,870

2,163,035

Social security and other taxes

23,801

19,513

Accruals and deferred income

350,295

229,951

3,490,966

2,418,445

11.

LOANS

An analysis of the maturity of loans is given below:

31/12/25

31/12/24

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

5,946

12.	SECURED DEBTS

The bank overdraft is secured by a fixed and floating charge over the assets of the company and carries interest at variable rates.

13.	PROVISIONS FOR LIABILITIES

31/12/25

31/12/24

£

£

Deferred tax

Accelerated capital allowances

497,074

594,731

Deferred

tax

£

Balance at 1st January 2025

594,731

Charge to Statement of Comprehensive Income during year

20,314

Unused tax losses

(117,971

)

Balance at 31st December 2025

497,074

No significant reversal of deferred tax liabilities in expected to occur in the succeeding period.

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/25

31/12/24

value:

£

£

1,155,000

Ordinary

£1

1,155,000

1,155,000

15.	PARENT UNDERTAKING AND ULTIMATE HOLDING COMPANY

The company’s immediate parent undertaking is AMG Industries PLC, a company incorporated in Great Britain and registered in England and Wales.

The parent undertaking of the smallest group of undertakings for which consolidated financial statements are drawn up and of which the company is a member is AMG Industries PLC.

Copies of AMG Industries PLC financial statements can be obtained from the Registrar of Companies.

Its registered office address is:

C/O Amg Resources Limited, Nevills Dock, Llanelli, Dyfed, SA15 2HD

The ultimate parent undertaking and controlling party is AMG Holding Group Corporation, a company incorporated in the State of Delaware, United States of America, by virtue of its majority shareholding. The ultimate controlling individual is AM Goldstein.

16.	POST BALANCE SHEET EVENTS

A fire destroyed an item of plant in 2026 with a net book value of £560k as at 31st December 2025.

The insurance company agreed a settlement of figure £450k.