The directors present the strategic report for the year ended 30 June 2026.

FY25-26 represented an important year of stabilisation and transformation for Innoval. Following the relocation to South Yorkshire and integration within the Danieli UK headquarters, the Company's focus shifted from transition and restructuring towards stabilisation, operational improvement and preparation for future growth. Management attention throughout the year was directed towards improving efficiency, strengthening business systems and restoring profitability. As a result, Innoval now operates as a leaner, more agile organisation with improved operational discipline, a stronger commercial focus and a robust platform for future growth. The Company's activities are structured around three principal service areas: Materials Design & Development, Sustainability & Knowledge Transfer, and Advanced Manufacturing Processes.

Company turnover in FY25-26 was approximately 20% below the previous year, reflecting continued weakness across parts of the global aluminium industry. The first half benefited from strong demand for Innoval’s technical training courses, support for a major aluminium industry expansion project in the MENA region, and new laboratory services customers from neighbouring businesses on the Advanced Manufacturing Park. Trading conditions became more challenging during the second half due to the impact of the Middle East crisis and wider disruption across downstream aluminium markets. Despite these headwinds, the business returned to near-breakeven profitability following two years of losses, demonstrating the benefits of operational efficiency improvements, organisational restructuring and cost reduction measures implemented over the past two years.

A major focus during the year was the continued implementation of operational efficiency initiatives designed to improve profitability and scalability. Total operating costs reduced significantly compared with the previous year, supported by lower headcount, restructuring activities and continued overhead reductions. Human resource costs reduced substantially as the Company completed its transition to a leaner operating model. Improved planning and control processes, combined with tighter financial management, contributed significantly to the improvement in operating performance. Cost reduction measures were the primary driver behind the substantial reduction in operating losses compared with FY24-25.

The Company also completed implementation of a new Sales and Operations Planning (S&OP) process following a review of best practice. The new framework integrates innovation planning, sales forecasting, resource management and financial review activities into a structured monthly management cycle. The process has strengthened forecasting, improved resource allocation and increased visibility of future demand, supporting more effective business planning and decision-making.

During the year, the Company strengthened capability through recruitment in customer service, laboratory and process engineering roles following several retirements at the end of 2025. A new lean operating structure focused on efficient project delivery was established, supported by a core engineering team and flexible access to specialist expertise as required. These changes improve organisational agility while maintaining access to the deep technical knowledge that remains central to Innoval's value proposition.

Sustainability and decarbonisation remain important themes across the Company's customer base. Demand continues to grow for services relating to Life Cycle Assessment (LCA), Environmental Product Declarations (EPDs), recycled aluminium technologies, carbon footprint assessment and sustainability strategy. The Company continues to develop its capabilities in these areas while broadening expertise into steel and other strategic materials markets. Collaborative research and innovation activities remain focused on sustainable manufacturing, circular economy principles and lower-carbon materials solutions. The Company also continued to strengthen its innovation ecosystem through collaboration with universities, research organisations and industrial partners, creating new opportunities for technology development, talent development and knowledge transfer.

Intercompany activities with Danieli and its affiliated companies continued to provide an important source of revenue during the year. Support was provided across aluminium rolling mill projects, technical due diligence activities, customer development programmes and strategic investment initiatives.

The Company maintained an active presence within the metals and manufacturing industries through participation in technical conferences, customer events, training programmes and industry initiatives. These activities support customer engagement, market awareness and the promotion of Innoval's expanding service portfolio, while contributing to the Company's objective of building a stronger pipeline of future business opportunities and broadening its customer base.

Plans for the future

Following completion of the relocation to new premises in FY24-25, the Company is committed to implementing a programme of major change initiatives to improve business performance and profitability. Work commenced towards the end of the previous year with the redesign of many of the Company’s internal systems for processing customer activity and forecasting. The immediate focus is on driving improvements in lead generation and sales volume by increasing customer and market awareness. Resource planning and project delivery improvements will be pursued in parallel. The new building and realigned operational structure, with increased focus on delivering sustainable aluminium solutions, provide an ideal environment for world-class performance.

• Recruitment and retention of specialist employees. The Company's success remains dependent on attracting, developing and retaining skilled technical personnel. Succession planning, professional development and targeted recruitment activities continue to be key priorities.

• Macroeconomic conditions and industry investment cycles. Demand for the Company's services remains influenced by activity levels within the global metals industry. Geopolitical uncertainty, energy costs, trade restrictions and fluctuations in industrial investment may continue to affect customer spending patterns and project activity.

• Market concentration. Although the Company continues to diversify its service offering and customer base, a significant proportion of activity remains linked to the global aluminium industry. Expansion into sustainability, focused industrial growth sectors, adjacent metals and other strategic materials markets will help reduce this exposure over time.

The Company continues to invest in research, innovation and digital technologies that support enhanced customer performance and sustainable manufacturing. A number of new product and service development projects have been introduced via the Innovation & Portfolio stage of the S&OP process. Activities include the development of advanced process models, enhancement of laboratory capabilities, participation in collaborative research programmes and support for industrial innovation projects. Particular emphasis remains on decarbonisation, recycling, circular economy solutions and technologies that enable improved resource efficiency and lower-carbon manufacturing.

The Company directors recognise that the management of the gross margin on its contracts continues to be essential to understanding, developing and enhancing the position of the business. Gross margins on such contracts are monitored on a continuous basis and reviewed by the directors. In addition, working capital requirements and other key performance indicators are managed as required. The following table includes some of those key indicators:

Collaboration with Danieli companies continued to strengthen throughout the year. Shared facilities, increased interaction between teams and greater visibility of complementary capabilities have improved communication and enhanced support available across the Group. Closer day-to-day collaboration within the Danieli UK headquarters continues to strengthen relationships, improve knowledge sharing and create opportunities for future growth.

Innoval continues to align its activities with growing demand for more sustainable materials and manufacturing technologies. The Company supports customers through services relating to recycling, circular economy principles, carbon footprint assessment, sustainability strategy and lower-carbon product development. Activities continue to be undertaken from the Danieli UK headquarters, a facility designed to high environmental and sustainability standards.

On behalf of the board

The directors present their report with the audited financial statements of the Company for the year ended 30 June 2026.

Innoval Technology Limited (“the company”) provides world-class technical expertise to the global downstream aluminium industry. The company provides support to improve rolling and extrusion processes, to develop new aluminium alloys and products and to train customer’s personnel. The company also provides technical support in the design and sale of the new Danieli aluminium rolling mills and other processing equipment.

In addition the company has provided support to the commercial activities of the Group in the sale of various rolling and finishing equipment in the aluminium plant sector as well as exploitation of the synergies between Innoval and Danieli Olivotto Ferre.

Matters required to be disclosed under Sch 7 of the Companies Act 2006 have been excluded from the Director’s report. They are set out in the Strategic report, in accordance with s414c(11) of the Companies Act 2006.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The auditor, Hart Shaw LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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; and

• 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.

We have audited the financial statements of Innoval Technology Limited (the 'company') for the year ended 30 June 2026 which comprise the statement of income and retained earnings, the balance sheet 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 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 30 June 2026 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

At the planning stage 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. The potential effect of any laws and regulation on the financial statements can vary considerably. There are laws and regulations that directly affect the financial statements (e.g. the Companies Act) as well as many other operational laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. Owing to the size, nature and complexity of the organisation and the applicable laws and regulations to which it must adhere, the risk of material misstatement was deemed to be low, therefore the procedures performed by the audit team were limited to:

• Communicating identified laws and regulations at planning throughout the audit team to remain alert to any indications of non-compliance throughout the audit.

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as non-compliance with laws and regulations.

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

We have assessed the overall susceptibility of the financial statements to material misstatement due to fraud.

Management override is inherently high risk on any audit. Management override, which may cause there to be a material misstatement within the financial statements, may present itself in a number of ways, for example:

• Override of internal controls (e.g. segregation of duties).

• Entering into transactions outside the normal course of business, especially with related parties.

• Fraudulent revenue recognition, including fictitious sales and sales being recorded in the wrong period.

• Presenting bias in accounting judgements and estimates.

In order to reduce the risk of material misstatement to an acceptable level, numerous audit procedures were performed including:

• Enquiries of management as to whether they had any knowledge of any actual or suspected fraud.

• Review of journal entries made throughout the year as well as those made to prepare the financial statements.

• Reviewing the underlying rationale behind transactions in order to assess whether they were outside the normal course of business.

• Increased substantive testing across all material income streams.

• Assessing whether management’s judgements and estimates indicated potential bias.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected material misstatements in the financial statements, even though we have performed our audit in accordance with auditing standards. Furthermore, as with all audits, there is a higher risk of irregularities (especially those relating to fraud) being undetected, as these may involve the override of internal controls, collusion, intentional omissions and misrepresentations etc. We are not responsible for preventing non-compliance or fraud and therefore cannot be expected to detect all instances of such. Our audit was not designed to identify misstatements or other irregularities that would not be considered to be material to the financial statements. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Innoval Technology Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is 9 Selden Way, Catcliffe, Rotherham, S60 5AA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;

The financial statements of the company are consolidated in the financial statements of Danieli & C. Officine Meccaniche SpA. These consolidated financial statements are available publicly and from its registered office, 33042 Buttrio, Udine, Italy.

The company is a wholly owned subsidiary of Danieli UK Holding Limited having its registered office at 9 Selden Way, Catcliffe, Rotherham, South Yorkshire, United Kingdom, S60 5AA.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

The company sells consultancy and training services. The company recognises recoverable revenue from services as they are provided during the year.

Revenue is recognised in the accounting period in which the services are concluded. The company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided.

Research expenditure is written off against profits in the year in which it is incurred.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and 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 transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

An analysis of the company's turnover is as follows:

In 2025, Innoval Technology Limited moved premises before their lease break clause came into effect. Costs in relation to this move were included as an exceptional item in the accounts. These costs can be broken down as follows:

Onerous lease costs - £95,125

Dilapidations costs - £106,550

Logistics - £36,561

Disposal of immovable assets - £24,927

Employee relocation costs - £12,818

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025 - 2).

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

A loan of £193,397 was made during the financial year with Danieli UK Holding Limited, the immediate parent company. The loan incurs interest at 4% annually and is repayable by equal quarterly instalments, with the final repayment due in June 2029.

In 2025, Innoval Technology Limited, moved premises. A provision of £100,000 was made for dilapidations to those premises. At the year end, an agreement of £85,000 has been accepted and is therefore included in accruals as it is unpaid.

The following are the major deferred tax liabilities and assets recognised by the company:

The deferred tax asset set out above is expected to reverse as per the following:

Fixed asset timing differences are expected to reverse in line with the assets being depreciated.

Short term timing differences are expected to be reversed within the next 12 months.

Losses and unused R&D tax credits are expected to be utilised within the next two years.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

All shares have full rights to voting and dividends.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

As a subsidiary undertaking of Danieli & C Officine Meccaniche Spa, the company has taken advantage of the exemption in FRS 102 “Related party disclosures” not to disclose transactions with group companies.

Due to the key management personnel of the company being the same as the directors, the company has taken the exemption provided under FRS102 to not separately disclose key management personnel compensation. See 6 for directors' remuneration note.