REGISTERED NUMBER: 09361477 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

WEAVER INVESTMENTS LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

A P Weaver

A M S Weaver

SECRETARY:

C P Weaver

REGISTERED OFFICE:

Mill House

Mill Lane

Halesowen

West Midlands

B63 3JP

REGISTERED NUMBER:

09361477 (England and Wales)

AUDITORS:

Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

The principal activity of the Group during the year continued to be that of providing steel slitting services.

The key financial performance indicators during the year were as follows:

2025

2024

change

£

£

%

Turnover

31,151,218

34,040,011

-8%

Profit before tax

251,049

610,695

-58%

Shareholders' funds

8,423,949

8,414,680

+0.1%

The outlook for 2026 again looks challenging. Demand continues to be reduced, whilst cost increases are difficult to recoup through higher sales prices. The restriction in ability to import steel from long standing trading partners from mid 2025 due to government duty impositions has affected the whole market. Further reductions in quotas due from mid 2026 will increase this issue.

The ramifications from the Middle East crisis are still too early to say exactly, but obviously there are likely to be significant pressures created by this.

On a positive note, our sales have been strong for the year so far with satisfactory margins being achieved.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the group's strategy are subject to a number of risks including price, credit, liquidity and cash flow risks. The key business risks and uncertainties are considered to be competition from other steel service centres, the weakness of the UK economy, product availability and the external macro-economic and geo-political problems affecting the UK and around the world. The Group has policies in place which are aimed to mitigate and manage these risks.

ON BEHALF OF THE BOARD:

A M S Weaver - Director

8 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of steel slitting services.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £ 416,043 .

DIRECTORS

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

A P Weaver

A M S Weaver

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Saxon & Co Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A M S Weaver - Director

8 May 2026

Opinion

We have audited the financial statements of Weaver Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 three, 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 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.

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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks to obtain sufficient appropriate audit evidence on which to base our opinion.

To identify and assess risks of material misstatement in respect of irregularities, including fraud, we conduct general and specific risk assessment procedures which include considering:

- The nature of the group and the industry in which it operates, business performance and the control environment.

- The laws and regulations applicable to the group.

- Management's own assessment of the risk of fraud occurring and non-compliance with laws and regulations.

- The operating effectiveness of management's controls established to mitigate the risks of fraud or non-compliance with laws and regulations.

- Whether management know of any instances of fraud or non-compliance with laws and regulations.

We also hold an audit engagement team meeting to discuss how and where fraud might occur, if any opportunities and incentives may exist within the business and assess any potential indicators of fraud.

As a result of our procedures we identified direct and indirect laws and regulations applicable to the group. Direct laws and regulations are those that effect the financial statements and indirect laws and regulations are those that may be central to the group's ability to operate. The direct laws and regulations identified are the Companies Act, UK GAAP and UK Tax Legislation. The indirect laws and regulations identified are International Organization Standardization (ISO) regulations covering health and safety, quality management and environmental management.

Our response to the risks identified include:

- Reviewing the financial statement disclosures and testing supporting documentation.

- Enquiring of management concerning actual or potential litigation claims.

- Performing analytical procedures to identify any unusual or unexpected variances that may be indicators of material misstatement due to fraud.

- Assessing the risk of management override of controls and bias by testing the appropriateness of journal entries and estimates within the financial statements.

- Obtaining an understanding of related parties and evaluating related party transactions and any significant transactions outside the normal course of business.

We also communicate the requirement to maintain professional skepticism to all members of the engagement team and ensure they are aware of relevant identified laws and regulations, related parties and potential fraud risks and remain alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

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.

Matthew Saxon (Senior Statutory Auditor)

for and on behalf of Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

8 May 2026

TURNOVER

3

31,151,218

34,010,011

Cost of sales

28,924,924

31,226,180

GROSS PROFIT

2,226,294

2,783,831

Administrative expenses

2,022,978

2,268,521

OPERATING PROFIT

5

203,316

515,310

Interest receivable and similar income

47,733

95,384

PROFIT BEFORE TAXATION

251,049

610,694

Tax on profit

6

87,939

168,226

PROFIT FOR THE FINANCIAL YEAR

163,110

442,468

Profit attributable to:

Owners of the parent

163,110

442,468

PROFIT FOR THE YEAR

163,110

442,468

OTHER COMPREHENSIVE INCOME

Revaluation of F'hold Property

349,605

-

Income tax relating to other comprehensive income

(87,402

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

262,203

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

425,313

442,468

Total comprehensive income attributable to:

Owners of the parent

425,313

442,468

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

3,940,705

3,702,947

Investments

11

-

-

3,940,705

3,702,947

CURRENT ASSETS

Stocks

12

12,560,573

6,645,677

Debtors

13

8,869,795

8,999,577

Cash at bank and in hand

2,934,302

5,903,475

24,364,670

21,548,729

CREDITORS

Amounts falling due within one year

14

19,237,798

16,260,375

NET CURRENT ASSETS

5,126,872

5,288,354

TOTAL ASSETS LESS CURRENT LIABILITIES

9,067,577

8,991,301

PROVISIONS FOR LIABILITIES

15

643,628

576,622

NET ASSETS

8,423,949

8,414,679

CAPITAL AND RESERVES

Called up share capital

16

50

50

Revaluation reserve

17

821,249

559,046

Other reserves

17

1,499,953

1,499,953

Retained earnings

17

6,102,697

6,355,630

SHAREHOLDERS' FUNDS

8,423,949

8,414,679

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2026 and were signed on its behalf by:

A M S Weaver - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

4,536,689

4,536,689

4,536,689

4,536,689

CURRENT ASSETS

Debtors

13

153,366

356,163

Cash at bank and in hand

4,283

64,922

157,649

421,085

CREDITORS

Amounts falling due within one year

14

10,858

11,061

NET CURRENT ASSETS

146,791

410,024

TOTAL ASSETS LESS CURRENT LIABILITIES

4,683,480

4,946,713

CAPITAL AND RESERVES

Called up share capital

16

50

50

Other reserves

17

1,499,953

1,499,953

Retained earnings

17

3,183,477

3,446,710

SHAREHOLDERS' FUNDS

4,683,480

4,946,713

Company's profit for the financial year

152,810

446,158

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2026 and were signed on its behalf by:

A M S Weaver - Director

Called up

share

Retained

Revaluation

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 January 2024

50

6,517,469

559,046

1,499,953

8,576,518

Changes in equity

Dividends

-

(604,307

)

-

-

(604,307

)

Total comprehensive income

-

442,468

-

-

442,468

Balance at 31 December 2024

50

6,355,630

559,046

1,499,953

8,414,679

Changes in equity

Dividends

-

(416,043

)

-

-

(416,043

)

Total comprehensive income

-

163,110

262,203

-

425,313

Balance at 31 December 2025

50

6,102,697

821,249

1,499,953

8,423,949

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2024

50

3,604,859

1,499,953

5,104,862

Changes in equity

Dividends

-

(604,307

)

-

(604,307

)

Total comprehensive income

-

446,158

-

446,158

Balance at 31 December 2024

50

3,446,710

1,499,953

4,946,713

Changes in equity

Dividends

-

(416,043

)

-

(416,043

)

Total comprehensive income

-

152,810

-

152,810

Balance at 31 December 2025

50

3,183,477

1,499,953

4,683,480

Cash flows from operating activities

Cash generated from operations

1

(2,271,872

)

(850,804

)

Tax paid

(183,115

)

(181,834

)

Net cash from operating activities

(2,454,987

)

(1,032,638

)

Cash flows from investing activities

Purchase of tangible fixed assets

(209,119

)

(50,429

)

Sale of tangible fixed assets

63,363

-

Interest received

47,733

95,384

Net cash from investing activities

(98,023

)

44,955

Cash flows from financing activities

Loan repayments in year

-

(126,209

)

Amount withdrawn by directors

(120

)

-

Equity dividends paid

(416,043

)

(604,307

)

Net cash from financing activities

(416,163

)

(730,516

)

Decrease in cash and cash equivalents

(2,969,173

)

(1,718,199

)

Cash and cash equivalents at beginning of year

2

5,903,475

7,621,674

Cash and cash equivalents at end of year

2

2,934,302

5,903,475

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

251,049

610,694

Depreciation charges

320,964

364,604

Profit on disposal of fixed assets

(63,363

)

-

Finance income

(47,733

)

(95,384

)

460,917

879,914

(Increase)/decrease in stocks

(5,914,896

)

1,437,609

Decrease/(increase) in trade and other debtors

129,783

(1,904,162

)

Increase/(decrease) in trade and other creditors

3,052,324

(1,264,165

)

Cash generated from operations

(2,271,872

)

(850,804

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

2,934,302

5,903,475

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

5,903,475

7,621,674

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

5,903,475

(2,969,173

)

2,934,302

5,903,475

(2,969,173

)

2,934,302

Total

5,903,475

(2,969,173

)

2,934,302

1.	STATUTORY INFORMATION

Weaver Investments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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 as modified by the revaluation of certain assets.

In accordance with Financial Reporting Standard 102 certain items are included at Fair Value.

The financial statements are presented in £ pounds sterling which is also the group's functional currency.

Basis of consolidation

The group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December each year. The results of subsidiaries acquired or sold are consolidated for the period from or to the date on which control passed. Business combinations are accounted for under the purchase method. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Judgements and estimates

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision only affects that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Business combinations and goodwill

Business combinations are accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combinations.

Goodwill arising on the acquisition of subsidiary undertaking and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life. Provision is made for impairment.

Negative goodwill is similarly included in the balance sheet and is credited to the profit and loss account in the periods in which the acquired non-monetary assets are recovered through depreciation or sale. Negative goodwill in excess of the fair values of the non-monetary assets acquired is credited to the profit and loss account in the periods expected to benefit.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

4% on cost

Plant and machinery

-

10% on cost and 5% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets other than freehold land.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Foreign currencies

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Exchange differences are recognised in profit or loss in the period in which they arise.

Pension costs and other post-retirement benefits

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

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

31,151,218

34,010,011

31,151,218

34,010,011

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

815,257

852,189

Social security costs

89,453

87,429

Other pension costs

79,591

83,035

984,301

1,022,653

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

2025

2024

Management

5

5

Sales

2

2

Operations

13

13

20

20

2025

2024

£

£

Directors' remuneration

21,938

47,008

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

320,966

364,605

Profit on disposal of fixed assets

(63,363

)

-

Auditors' remuneration

13,825

15,072

Auditors' remuneration for non audit work

6,900

24,625