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REGISTERED NUMBER: 03055926 (England and Wales)

CUBRALCO LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Director | 3 |

Report of the Independent Auditors | 4 |

Income Statement | 7 |

Other Comprehensive Income | 8 |

Statement of Financial Position | 9 |

Statement of Changes in Equity | 10 |

Notes to the Financial Statements | 11 |

CUBRALCO LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JANUARY 2025

| DIRECTOR: | Mr C J Egginton

| SECRETARY: | Mr C J Egginton

| REGISTERED OFFICE: | 15-17 Church Street

| Stourbridge

| West Midlands

| DY8 1LU

| REGISTERED NUMBER: | 03055926 (England and Wales)

| AUDITORS: | Folkes Worton LLP

| Chartered Accountants and Statutory Auditor

| 15-17 Church Street

| Stourbridge

| West Midlands

| DY8 1LU

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2025

The director presents his strategic report for the year ended 31 January 2025.

REVIEW OF BUSINESS

The principal activity of the company is that of a wholesaler of copper tubes and associated products to UK plumbers and builders merchants.

The directors report that the activity for the period has remained consistent to the previous year.

Research into new products and markets continues as part of the long term diversification strategy.

PRINCIPAL RISKS AND UNCERTAINTIES

Close relationships with our suppliers enable satisfactory management of currency and metal contracts in order to minimise risk.

Overhead and stock levels will be managed in line with the service needs of customers.

The company manages credit risks by applying monitored credit limits and control procedures identifying and addressing any credit issues in a timely manner.

KEY PERFORMANCE INDICATORS

The key performance indicators of the company are turnover and profit before tax.

ON BEHALF OF THE BOARD:

Mr C J Egginton - Director

11 August 2025

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 JANUARY 2025

The director presents his report with the financial statements of the company for the year ended 31 January 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 January 2025.

DIRECTOR

Mr C J Egginton held office during the whole of the period from 1 February 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Folkes Worton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting following their appointment this year..

ON BEHALF OF THE BOARD:

Mr C J Egginton - Director

11 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CUBRALCO LIMITED

Opinion

We have audited the financial statements of Cubralco Limited (the 'company') for the year ended 31 January 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, 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 31 January 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CUBRALCO LIMITED

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 Director.

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 director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied,

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates,

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations,

- Testing key income lines, in particular cut-off, for evidence of management bias.

- Documenting and verifying all significant related party and consolidation balances and transactions.

- We have reviewed intergroup transactions to ensure these were at an arm's length.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a risk of not detecting irregularities, as these may include collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CUBRALCO LIMITED

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.

Mr Neil Smith (Senior Statutory Auditor)

for and on behalf of Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

11 August 2025

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

INCOME STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ |

TURNOVER | 3 | 20,943,535 |  | 21,630,993 |  |

Cost of sales | 18,309,500 |  | 19,286,253 |  |

GROSS PROFIT | 2,634,035 |  | 2,344,740 |  |

Distribution costs | 304,567 |  | 328,920 |  |

Administrative expenses | 1,387,998 |  | 1,187,088 |  |

|  |  | 1,692,565 |  |  |  |  | 1,516,008 |  |

941,470 |  | 828,732 |  |

Other operating income | - |  | 98,342 |  |

OPERATING PROFIT | 5 | 941,470 |  | 927,074 |  |

Interest receivable and similar income | 127 |  | 94 |  |

941,597 |  | 927,168 |  |

Amounts written off investments | 6 | - |  | 10,329 |  |

941,597 |  | 916,839 |  |

Interest payable and similar expenses | 7 | 171,890 |  | 145,558 |  |

PROFIT BEFORE TAXATION | 769,707 |  | 771,281 |  |

Tax on profit | 8 | 220,595 |  | 253,343 |  |

PROFIT FOR THE FINANCIAL YEAR | 549,112 |  | 517,938 |  |

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JANUARY 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 549,112 |  | 517,938 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 549,112 |  | 517,938 |  |

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

STATEMENT OF FINANCIAL POSITION

31 JANUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 804,000 |  | 904,500 |  |

Tangible assets | 11 | 259,054 |  | 326,984 |  |

Investments | 12 | 100 |  | 100 |  |

1,063,154 |  | 1,231,584 |  |

CURRENT ASSETS

Stocks | 13 | 2,416,256 |  | 1,975,211 |  |

Debtors | 14 | 4,217,348 |  | 3,883,871 |  |

Cash at bank and in hand | 227,299 |  | 57,270 |  |

6,860,903 |  | 5,916,352 |  |

CREDITORS

Amounts falling due within one year | 15 | 5,962,037 |  | 5,723,326 |  |

NET CURRENT ASSETS | 898,866 |  | 193,026 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,962,020 |  | 1,424,610 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (18,352 | ) | (20,367 | ) |

PROVISIONS FOR LIABILITIES | 19 | (44,131 | ) | (53,818 | ) |

NET ASSETS | 1,899,537 |  | 1,350,425 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 50,000 |  | 50,000 |  |

Fair value reserve | 21 | 32,656 |  | 32,656 |  |

Retained earnings | 21 | 1,816,881 |  | 1,267,769 |  |

SHAREHOLDERS' FUNDS | 1,899,537 |  | 1,350,425 |  |

The financial statements were approved by the director and authorised for issue on 11 August 2025 and were signed by:

Mr C J Egginton - Director

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2025

| Called up |  | Fair |

| share |  | Retained |  | value |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 February 2023 | 50,000 |  | 879,831 |  | 32,656 |  | 962,487 |  |

Changes in equity

Dividends | - |  | (130,000 | ) | - |  | (130,000 | ) |

Total comprehensive income | - |  | 517,938 |  | - |  | 517,938 |  |

Balance at 31 January 2024 | 50,000 |  | 1,267,769 |  | 32,656 |  | 1,350,425 |  |

Changes in equity

Total comprehensive income | - |  | 549,112 |  | - |  | 549,112 |  |

Balance at 31 January 2025 | 50,000 |  | 1,816,881 |  | 32,656 |  | 1,899,537 |  |

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

1. | STATUTORY INFORMATION

| Cubralco Limited 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 Company 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.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption 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.

| Preparation of consolidated financial statements

| The financial statements contain information about Cubralco Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, TBSGG Limited, 15-17 Church Street, Stourbridge, DY8 1LU.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| Revenue from the sale of copper tubes and other products is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Goodwill

| Goodwill, being amount received at book value in connection with the group restructure and subsequent hive down of the parent company on the 31st January 2023, is being amortised evenly over its estimated useful life of 10 years. .

| 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.

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| 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;

| Leasehold land and building |  | 20% straight line |  |

| Plant and equipment |  | 25% straight line |  |

| Fixtures and fittings |  | 25% straight line |  |

| Computers |  | 25% straight line |  |

| Motor vehicles |  | 25% straight line except specialist vehicles not depreciated but reviewed annually for any impairment |  |

| Decoiling machine |  | 25% straight line |  |

| 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 recognised in the profit and loss account.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

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

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss.

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| 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

| 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

| 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 and 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.

| 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.

| Derecognition of financial assets

| 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.

| Classification of financial assets

| 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

| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Trade creditors are obligated 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.

| Other financial liabilities

| 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 the profit and 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 and loss. Debt instruments may be designated as being measured at fair value through profit and 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.

| Derecognition of financial liabilities

| Financial liabilities are recognised when the company's contractual obligations expire or are discharged or cancelled.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 exchange

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange difference gains and losses arising on translation in the period are included in profit and loss.

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

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

3. | TURNOVER

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

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 20,901,171 |  | 21,588,327 |  |

| Rest of the world | 42,364 |  | 42,666 |  |

20,943,535 |  | 21,630,993 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 451,475 |  | 386,858 |  |

| Social security costs | 47,778 |  | 33,843 |  |

| Other pension costs | 40,905 |  | 27,577 |  |

540,158 |  | 448,278 |  |

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

| 2025 |  | 2024

| Administration and sales | 6 |  | 6 |  |

| Warehouse and transport | 7 |  | 6 |  |

13 |  | 12 |  |

| 2025 |  | 2024

£ | £ |

| Director's remuneration | 12,564 |  | 11,517 |  |

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Other operating leases | 55,447 |  | 60,483 |  |

| Depreciation - owned assets | 87,875 |  | 26,048 |  |

| Depreciation - assets on hire purchase contracts | 10,236 |  | 2,558 |  |

| Profit on disposal of fixed assets | - |  | (3,936 | ) |

| Goodwill amortisation | 100,500 |  | 100,500 |  |

| Auditors' remuneration | 8,400 |  | 8,000 |  |

6. | AMOUNTS WRITTEN OFF INVESTMENTS |

| 2025 |  | 2024

£ | £ |

| Amounts written off | - |  | 10,329 |  |

| The amount written off was as a result of the group restructure which took place last year. The companies were both under common control.

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest on loans | 4,561 |  | (10,806 | ) |

| Invoice finance interest

| payable | 165,116 |  | 155,706 |  |

| Hire purchase interest | 2,213 |  | 658 |  |

171,890 |  | 145,558 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 230,282 |  | 201,969 |  |

| Prior year tax adjustment | - |  | 10,623 |  |

| Total current tax | 230,282 |  | 212,592 |  |

| Deferred tax | (9,687 | ) | 40,751 |  |

| Tax on profit | 220,595 |  | 253,343 |  |

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Interim | - |  | 130,000 |  |

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

10. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 February 2024

| and 31 January 2025 | 1,113,400 |  |

| AMORTISATION

| At 1 February 2024 | 208,900 |  |

| Amortisation for year | 100,500 |  |

| At 31 January 2025 | 309,400 |  |

| NET BOOK VALUE

| At 31 January 2025 | 804,000 |  |

| At 31 January 2024 | 904,500 |  |

11. | TANGIBLE FIXED ASSETS

| Fixtures

| Short |  | Plant and |  | and

| leasehold |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 February 2024 | 12,400 |  | 50,062 |  | 185,807 |  |

| Additions | - |  | 889 |  | 11,100 |  |

| Disposals | - |  | - |  | - |  |

| At 31 January 2025 | 12,400 |  | 50,951 |  | 196,907 |  |

| DEPRECIATION

| At 1 February 2024 | 12,400 |  | 27,433 |  | 117,998 |  |

| Charge for year | - |  | 8,588 |  | 28,231 |  |

| At 31 January 2025 | 12,400 |  | 36,021 |  | 146,229 |  |

| NET BOOK VALUE

| At 31 January 2025 | - |  | 14,930 |  | 50,678 |  |

| At 31 January 2024 | - |  | 22,629 |  | 67,809 |  |

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

11. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Decoiling |

| vehicles |  | machine |  | Totals

£ | £ | £ |

| COST

| At 1 February 2024 | 201,974 |  | 50,000 |  | 500,243 |  |

| Additions | 40,692 |  | - |  | 52,681 |  |

| Disposals | (22,500 | ) | - |  | (22,500 | ) |

| At 31 January 2025 | 220,166 |  | 50,000 |  | 530,424 |  |

| DEPRECIATION

| At 1 February 2024 | 15,428 |  | - |  | 173,259 |  |

| Charge for year | 48,792 |  | 12,500 |  | 98,111 |  |

| At 31 January 2025 | 64,220 |  | 12,500 |  | 271,370 |  |

| NET BOOK VALUE

| At 31 January 2025 | 155,946 |  | 37,500 |  | 259,054 |  |

| At 31 January 2024 | 186,546 |  | 50,000 |  | 326,984 |  |

| The decoiling machine was revalued to £50,000 from £30,000 in January 2020 by an independent valuer not connected with the company.

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 February 2024

| and 31 January 2025 | 40,941 |  |

| DEPRECIATION

| At 1 February 2024 | 2,558 |  |

| Charge for year | 10,236 |  |

| At 31 January 2025 | 12,794 |  |

| NET BOOK VALUE

| At 31 January 2025 | 28,147 |  |

| At 31 January 2024 | 38,383 |  |

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

12. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 February 2024

| and 31 January 2025 | 100 |  |

| NET BOOK VALUE

| At 31 January 2025 | 100 |  |

| At 31 January 2024 | 100 |  |

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| G V Racing Limited

| Registered office: 15-17 Church Street, Stourbridge, DY8 1LU

| Nature of business:

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

13. | STOCKS

2025 | 2024 |

£ | £ |

| Finished goods | 2,416,256 |  | 1,975,211 |  |

| The above stock incudes stock in transit of £228,629 (2024: £216,613).

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 3,088,528 |  | 3,064,946 |  |

| Amounts owed by group undertakings | 1,077,741 |  | 767,421 |  |

| Other debtors | 5,797 |  | 5,797 |  |

| Prepayments and accrued income | 45,282 |  | 45,707 |  |

4,217,348 |  | 3,883,871 |  |

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 17) | 247,746 |  | - |  |

| Hire purchase contracts (see note 18) | 2,015 |  | 1,343 |  |

| Trade creditors | 2,744,684 |  | 2,967,330 |  |

| Tax | 122,782 |  | 201,969 |  |

| Social security and other taxes | 465,017 |  | 452,492 |  |

| Other creditors | 2,370,229 |  | 2,090,628 |  |

| Accruals | 9,564 |  | 9,564 |  |

5,962,037 |  | 5,723,326 |  |

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 18) | 18,352 |  | 20,367 |  |

17. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 247,746 |  | - |  |

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase contracts |

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 3,556 |  | 3,556 |  |

| Between one and five years | 19,431 |  | 22,987 |  |

22,987 |  | 26,543 |  |

| Finance charges repayable:

| Within one year | 1,541 |  | 2,213 |  |

| Between one and five years | 1,079 |  | 2,620 |  |

2,620 |  | 4,833 |  |

| Net obligations repayable:

| Within one year | 2,015 |  | 1,343 |  |

| Between one and five years | 18,352 |  | 20,367 |  |

20,367 |  | 21,710 |  |

| Non-cancellable operating | leases |

2025 | 2024 |

£ | £ |

| Within one year | 55,658 |  | 55,658 |  |

| Between one and five years | 15,858 |  | 71,516 |  |

71,516 |  | 127,174 |  |

CUBRALCO LIMITED (REGISTERED NUMBER: 03055926)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

19. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 44,131 |  | 53,818 |  |

| Deferred |

| tax |

£ |

| Balance at 1 February 2024 | 53,818 |  |

| Utilised during year | (9,687 | ) |

| Balance at 31 January 2025 | 44,131 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 50,000 | Ordinary | £1 | 50,000 |  | 50,000 |  |

21. | RESERVES

| Fair |

| Retained |  | value |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 February 2024 | 1,267,769 |  | 32,656 |  | 1,300,425 |  |

| Profit for the year | 549,112 |  | 549,112 |  |

| At 31 January 2025 | 1,816,881 |  | 32,656 |  | 1,849,537 |  |

22. | RELATED PARTY DISCLOSURES

| 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 or their parent company within the group.