REGISTERED NUMBER: 00976405 (England and Wales)

B.A.BUSH & SON LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

to

6

Report of the Directors

7

to

8

Report of the Independent Auditors

9

to

12

Consolidated Income Statement

13

Consolidated Statement of Comprehensive Income

14

Consolidated Statement of Financial Position

15

Company Statement of Financial Position

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Statement of Cash Flows

19

Notes to the Consolidated Statement of Cash Flows

20

to

21

Notes to the Consolidated Financial Statements

22

to

40

DIRECTORS:

N A Bush

B C Bush

T A Bush

SECRETARY:

B C Bush

REGISTERED OFFICE:

Station Yard

Horncastle

Lincolnshire

LN9 5AQ

REGISTERED NUMBER:

00976405 (England and Wales)

SENIOR STATUTORY AUDITOR:

Sally Anne Hurn FCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of our business. Our review is consistent with the size and nature of our business and in the context of risks and uncertainties we face.

So, rather than look back solely to 2024, I firstly believe a view of where we are today, to note where our business is and the influences on it are important.

2024 was a positive year for B.A.Bush & Son, with the main industry problem being the war in Ukraine, market instability and restructuring of the 'players'. The average prices on a basket of Chinese tyres was static for 2024. Thhe average basket of tyres however is 20% lower in January to July 2025 - dependent on how a company expressed this in the market, meant some wrote prices down on their stock early and the feeling was that this was used to try to affect poor sales for the first half of 2025

The dollar has moved from 1.249, to 1.345 to the pound. - a 7.7% change, which is part of the cost of buying Chinese tyres. In the last four months of 2025 (June - September), the rate is relatively flat; this seems like the new rate - a stable platform.

As we go through 2025 we have had to change focus on the business, from expansion and building the business, to a firm look at cost, to try to minimise the impact of the Government tax changes. This is because the additional potential taxes put on the company need us to become more efficient, costs have been cut to prepare for:-

1) The tax on employing people and looking at our business model, to make the business able to withstand these shocks as far as is possible with increased taxation, that hit us with the minimum wage going from £11.44 to £12.21, a 6.7% uplift.

2) Plus, to add to the wage cost is the employer's national insurance increase - a £615 per all staff and an additional 1.2% tax on any pay over £9,100 this is a 27% increase on our company.

3) Tariffs have become a factor, with America looking to trade on a flat playing field. They have correctly brought this to the attention of the world, but the countries who buy at large have had a better deal than the USA, and are now not sure of the next steps. Certain markets will find producers who are suddenly taken out, with a glut or deficit making the market difficult to predict.

Our Offer

Excluding the government induced challenges, the business is easy! On a more local level, our key aim is delivering great service to our customers in the various sectors; retail, account, wholesale and agricultural tyres - our results to our latest three-year plan being a little below our target after the first half 2025, which is due to the two main factors above; loss of confidence, the dollar and shipping charges means we are selling tyres cheaper.

2024 was one of relative price stability, with tyre sizes used getting larger in car and agriculture, helping our average tyre cost to stabilise. Economy tyres were volatile, but these brands are increasing in market share of the UK market, with the dollar weakness reducing average prices, pressurizing margins in the first half of 2025. But the continued focus on a complete portfolio in all product channels ensured that our offer is good. The second half of 2025 seems similar to 2024 - OK.

We deal principally with: car, truck and agricultural tyres as well as associated services and other sundry tyre items and mechanical accessories like wheels, batteries and valves.

Car

This was fine, but with 2025 Dollar weakening, deflating costs into the market to keep sales going by cutting price probably lower than they should.

Truck

The key factor here is to give service - you need staff - a part of the business where our package to the technician is excellent and this has helped to cater for this situation.

Farm

Our offer here is very good and we are getting the UK tyre trade serviced better on a national basis. This is a sector which needs stock as most dealers do not carry any. With the western brands changes, we see this part of our operation growing.

Our offer!

To give correct advice, excellent prices, trained staff, efficient service and a pleasurable buying experience.

The aim is to make a growing annual profit, to cater for growth of the business and provide a reason to have investment. This has been true for a long time.

Expansion, we have opened new sites at: Attleborough, Ely, Scarborough, Lincoln Commercial as of August 2025, with Wakefield opening in 2024.

Our training facility is making good headway.

Our fleet tools are building, fleet inspections are now all done by a programme which also allocates work to be done, with safety reports, allied to all electronic invoicing, improve work processes and fleet control.

Our Barton warehouse has some new storage racking with man risers to utilise more room.

Service and delivery vehicles are being maintained up to date.

MOT operations are being expanded.

The trading sectors are building on achievement, with management that increasingly are gaining in proficiency.

PRINCIPAL RISKS AND UNCERTAINTIES

As with all industries we are subject to external world events. The geopolitical landscape is uncertain, and world events have impact upon global trade pattern changes, which we are subject to.

Shipping price change has direct impact upon a business, whereby we import a significant amount of goods from Europe, China, Thailand and India.

We are mindful of currency changes as we deal in most major currencies.

Moreover, we are intrinsically linked to key industries like; farming, transport and the motor segment, all of which are subject to challenges and change.

We are slightly insulated from economic drivers as we are an 'essential industry', and thus, much like an undertaker, a constant need for service within the UK.

The Bush model, of having multiple different tyre business channels, also insulates us - as we found with COVID. If one segment of our business is under pressure, we can cross subsidise against another, and thus, this multi-channel, multi-product and multi-service offering gives us some "de-risking" against external factors that might threaten a particular channel of business.

KEY PERFORMANCE INDICATORS

Turnover is a key performance indicator for the group, which with Gross margin, gives a good indication of sales progress. Turnover has increased by £2m (Group turnover by £1.3m) and Gross Margin has remained static which is impressive as we have invested in more depots and expanded our operations in the year. We also absorbed significant costs for new sites and investments which consciously impaired profitability through 2024, but we believe will bear future profits in the years to come.

Further turnover growth across the whole group will come from company additions and growth within the other companies that make up the group of companies.

SECTION 172(1) STATEMENT

The directors accept their duty to promote the success of the company for the benefit of its members as a whole and have regard to the wider shareholder interests below.

The likely consequences of any decision in the long term;

Every operating section of our business operates with economic, social and environmental responsibilities of their own, while cooperating constantly with other parts of the operation and with shareholders. This allows the company to manage risk and opportunity and risk to its processes, products and services, with constant focus of trying to improve the business.

The interests of the company's employees;

"People" are the core of our focus, and we believe we have one of the strongest teams in the industry. We believe we spend more time than our competitors in fostering an enjoyable working environment and ensuring the development of new and existing staff.

Recruitment and retention of staff, has been a challenge for all industries, but particularly the tyre industry and we, through a variety of training initiatives, incentives and new management structures have fared much better than the industry in keeping and developing talent. It is at the forefront of our mind and we have had numerous new arrivals that have brought with them, extensive customer relationships and also supplier relationships to the Bush group.

We are always conscious of our responsibilities; our ethics are being implemented constantly, with new staff induction training to explain our principles. Our in-house training is now being improved with in depth training and development to become the leader in this area of staff learning.

Our staff are key to our performance and have enabled plans to be realised with hard work and skill in all parts of the business, which is pivotal to our success. Great effort will continually be made to improve staff, in training, effectiveness and improving our environment to safely enable their full potential to shine. We started to implement changes to work patterns, to make their work more rewarding. Our new commercial salary package, whilst it increased costs, rightfully rewards staff to become the premium quality truck technician job available in the industry, and this aim is to be implemented in all sectors of our business.

Our Zone Manager system gives career progression within the group and allows for better management and focus on employees needs and development. As the group grows in size and geographic spread, it was essential that we developed a management system that could cater for the staff, and the zonal system (different per channel) has allowed us to manage our growing team.

We recognise the need for good people in the industry - the fitters, managers, technicians, drivers, admin and sales team are all pivotal in our success and we are constantly recruiting the "best" in the industry.

The need to foster the company's business relationships with suppliers, customers and others;

As a rural company by origin, B.A. Bush & Son has always relied on long term, trading relationships with customers, with previously not having the "chimney" pots to rely solely on volume of customers in a given area to sustain us. We were, and to some extent, still are, dependent on repeat custom, which only comes through giving unparallelled, excellent service.

This reciprocal relationship with our customers also pervades with our suppliers. They are fundamental to our success.

Environmental impact is an increasing concern within our business. We focus on our fuel economy with great intent, and we are constantly pushing our commercial fleets in using a long tyre life product offering, focusing on remoulding and full life tyre packages.

In respect to the community, through 2024 we focused on local initiatives with young farmer's groups, community and local shows as well as outreaches within primary schools to educate on the tyre's importance within the environment and community.

From the brands we handle, and within the agricultural market, we are focusing on VF tyre technology which consequently improves fuel usage within agricultural vehicles as well as lessening soil compaction and thus has massive impact on the quality of soils within the farmers areas. The effect of new tyre technology within agriculture cannot be understated when we talk about ecological and environmental impact. It is fundamental. We are at the forefront of this push within the UK, having one of the greatest agricultural technical teams in the market.

The desirability of the company maintaining a reputation for high standard business conduct.

We work closely with outside agencies like SAI Global, Avetta and other manufacturer accreditations. All fitters work to the highest standard of accreditation like REACT and are audited internally, constantly.

We also had 12 centres that all received gold standard from Pirelli through its coveted PPC network.

Through some of the manufacturer partners we work for on truck, servicing national fleet customers, we are audited on a regular basis. Suppliers around the UK recognise our service offering and are keen to give us work as we look after it safely and with high standards.

Our training academy helps maintaining our standards across the centres - and our "Train to Train" programme has developed courses in fire training, forklift training and first aid training across the centres. We constantly work on progressive and proactive training with our staff.

Because of our rural beginnings, where customers were not great in number, we needed them to return time after time to make a profit and this basis of business, "trust and quality" holds true today.

The need to act fairly as between members of the company;

Our truck structure is successful, with clear and open packages that enable open structures to happen. This has been expanded into other sectors of our business.

Renumeration and rewards are all performance KPI-based and are clear and well communicated. The company structure has been tightened up and lines of delineation and management are clear and structured. All depot managers interact well, socially and within the business and we promote team events, social engagement and good ethical practice.

The directors and senior management work hard to visit all locations and staff; we are an honest, family run company that treat staff like family members and who can react quickly and decisively.

The large number of staff that have been with the company over 10 years, 25 years and in some circumstances, 50 years, is testament to how we act fairly as a company. Staff stay because they are treated with respect and are rewarded for their efforts within the business.

As we are a private company, the expansive figures have not been fully documented, as per our business plans, but should you or your company wish for a more expansive view of our operations, then send details and requests and we may discuss further our business on a broader footing.

ON BEHALF OF THE BOARD:

N A Bush - Director

26 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of tyre distribution.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 12,460 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

N A Bush

B C Bush

T A Bush

STREAMLINED ENERGY AND CARBON REPORTING

Energy consumption (kWh usage)

The total consumption of energy in the year equated to 13,705,222kWh (2023: 12,830,307kWh).

The energy consumption relating to transport fuel was 12,346,580kWh (2023: 11,585,888kWh) for company owned vehicles and OkWh (2023: 0kWh) used for non company owned vehicles.

The total usage in relation to electricity was 1,178,288kWh(2023: 1,065,189kwh).

The total usage in relation to gas was 180,354kWh (2023: 179,230kWh).

Emissions

From the above values, using the latest figures provided by The Department for Business, Energy and Industrial Strategy (BEIS) and the Department for Environment, Food and Rural Affairs (DEFRA), the consumption resulted in the following emission.

Emissions from the combustion of gas was 32.8 tCO2e (2023: 32.7 tCO2e).

Emissions from business travel and company owned cars was 2,651 tCO2e (2023: 2,893 tCO2e) and for rental cars or employee-owned vehicles was OtCO2e (2023: 0tCO2e).

Emissions from purchased electricity was 243 tCO2e (2023: 206.0 tCO2e).

This equates to total emissions of 2,927 tCO2e (2023: 3,132.1 tCO2e).

Methodology

Energy consumption is determined from invoices received for the given year and non company owned vehicles mileage data is obtained from the company's HR department. CO2 emissions are determined for the relevant energy type using the latest figures & conversion tables provided by BEIS and DEFRA.

Ratios

An intensity ratio in which the group monitors is tCO2e v £100,000 turnover

In 2024 this equated to emissions of 5.15 tCO2e (2023: 5.64 tCO2e) per £100,000 of group turnover.

Measures taken to improve efficiency

Moving forward the group will look to improve the emissions produced by implementing strategies as proposed by third party specialists in this area, these will be implemented over time and when the opportunity presents itself. These include:

- replacing non-efficient lights with LED's

- motion sensor lights to be fitted

- shut-door policy in winter

- condensed to one head office to reduce travel emissions

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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.

ON BEHALF OF THE BOARD:

N A Bush - Director

26 September 2025

Opinion

We have audited the financial statements of B.a.bush & Son Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 2024 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 eight, 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 have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included an assessment of the company's employment and health and safety controls, as well as confirmation of valid certification and licenses required by law for the industry. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

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. The further removed non-compliance with laws and regulations 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. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities 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.

Sally Anne Hurn FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

26 September 2025

TURNOVER

Group and share of joint venture and associates

76,443,100

74,420,651

Less:

Share of joint venture's turnover

(18,515,108

)

(17,752,345

)

Share of associates' turnover

(1,106,222

)

(1,112,337

)

GROUP TURNOVER

3

56,821,770

55,555,969

Cost of sales

47,393,106

46,055,187

GROSS PROFIT

9,428,664

9,500,782

Distribution costs

128,632

470,071

Administrative expenses

8,039,155

7,496,030

8,167,787

7,966,101

1,260,877

1,534,681

Other operating income

36,004

13,684

GROUP OPERATING PROFIT

5

1,296,881

1,548,365

Share of operating profit in

Joint venture

646,727

735,923

Associates

6,014

8,113

Interest payable and similar expenses

Group

6

(481,624

)

(422,001

)

Joint venture

(74,848

)

(89,765

)

Associates

-

(2,568

)

PROFIT BEFORE TAXATION

1,393,150

1,778,067

Tax on profit

7

315,028

531,557

PROFIT FOR THE FINANCIAL YEAR

1,078,122

1,246,510

Profit attributable to:

Owners of the parent

1,103,353

1,201,428

Non-controlling interests

(25,231

)

45,082

1,078,122

1,246,510

PROFIT FOR THE YEAR

1,078,122

1,246,510

OTHER COMPREHENSIVE INCOME

Revaluation reserve

-

1,563,353

Share of revaluation in joint venture

Income tax relating to other comprehensive income

-

(390,838

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

1,172,515

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,078,122

2,419,025

Total comprehensive income attributable to:

Owners of the parent

1,103,353

2,373,943

Non-controlling interests

(25,231

)

45,082

1,078,122

2,419,025

FIXED ASSETS

Intangible assets

10

669,268

791,028

Tangible assets

11

9,563,758

9,140,400

Investments

12

Interest in joint venture

Share of gross assets

8,192,682

8,345,137

Share of gross liabilities

(4,993,890

)

(5,322,985

)

3,198,792

3,022,152

Interest in associate

355,228

350,572

Other investments

416,372

416,372

14,203,418

13,720,524

CURRENT ASSETS

Stocks

13

11,685,681

11,164,414

Debtors

14

9,729,211

9,917,737

Cash at bank and in hand

133,368

454,003

21,548,260

21,536,154

CREDITORS

Amounts falling due within one year

15

15,402,864

15,743,029

NET CURRENT ASSETS

6,145,396

5,793,125

TOTAL ASSETS LESS CURRENT LIABILITIES

20,348,814

19,513,649

CREDITORS

Amounts falling due after more than one year

16

(2,594,975

)

(2,903,981

)

PROVISIONS FOR LIABILITIES

21

(1,449,975

)

(1,371,466

)

NET ASSETS

16,303,864

15,238,202

CAPITAL AND RESERVES

Called up share capital

22

10,000

10,000

Share premium

30,000

30,000

Revaluation reserve

1,882,182

1,713,886

Retained earnings

14,149,266

13,226,669

SHAREHOLDERS' FUNDS

16,071,448

14,980,555

NON-CONTROLLING INTERESTS

23

232,416

257,647

TOTAL EQUITY

16,303,864

15,238,202

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

N A Bush - Director

FIXED ASSETS

Intangible assets

10

535,335

578,977

Tangible assets

11

8,743,202

8,313,456

Investments

12

3,154,828

3,154,828

12,433,365

12,047,261

CURRENT ASSETS

Stocks

13

11,061,926

10,683,175

Debtors

14

9,034,423

9,074,645

Cash at bank and in hand

77,751

366,379

20,174,100

20,124,199

CREDITORS

Amounts falling due within one year

15

15,214,683

15,381,227

NET CURRENT ASSETS

4,959,417

4,742,972

TOTAL ASSETS LESS CURRENT LIABILITIES

17,392,782

16,790,233

CREDITORS

Amounts falling due after more than one year

16

(2,594,975

)

(2,903,981

)

PROVISIONS FOR LIABILITIES

21

(1,335,505

)

(1,253,796

)

NET ASSETS

13,462,302

12,632,456

CAPITAL AND RESERVES

Called up share capital

22

10,000

10,000

Share premium

30,000

30,000

Revaluation reserve

1,639,564

1,471,268

Retained earnings

11,782,738

11,121,188

SHAREHOLDERS' FUNDS

13,462,302

12,632,456

Company's profit for the financial year

829,846

956,085

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

N A Bush - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2023

10,000

12,053,031

30,000

Changes in equity

Dividends

-

(27,790

)

-

Total comprehensive income

-

1,201,428

-

Balance at 31 December 2023

10,000

13,226,669

30,000

Changes in equity

Dividends

-

(12,460

)

-

Total comprehensive income

-

1,103,353

-

Transfer

-

(168,296

)

-

Balance at 31 December 2024

10,000

14,149,266

30,000

Revaluation

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 January 2023

541,371

12,634,402

212,565

12,846,967

Changes in equity

Dividends

-

(27,790

)

-

(27,790

)

Total comprehensive income

1,172,515

2,373,943

45,082

2,419,025

Balance at 31 December 2023

1,713,886

14,980,555

257,647

15,238,202

Changes in equity

Dividends

-

(12,460

)

-

(12,460

)

Total comprehensive income

-

1,103,353

(25,231

)

1,078,122

Transfer

168,296

-

-

-

Balance at 31 December 2024

1,882,182

16,071,448

232,416

16,303,864

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

10,000

10,165,103

30,000

298,753

10,503,856

Changes in equity

Total comprehensive income

-

956,085

-

1,172,515

2,128,600

Balance at 31 December 2023

10,000

11,121,188

30,000

1,471,268

12,632,456

Changes in equity

Total comprehensive income

-

829,846

-

-

829,846

Transfer

-

(168,296

)

-

168,296

-

Balance at 31 December 2024

10,000

11,782,738

30,000

1,639,564

13,462,302