REGISTERED NUMBER: 12346702 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2024

FOR

RADIAL GROUP HOLDINGS LIMITED

Page

Company information

1

Group strategic report

2

Report of the directors

4

Report of the independent auditors

6

Consolidated income statement

10

Consolidated other comprehensive income

11

Consolidated balance sheet

12

Company balance sheet

13

Consolidated statement of changes in equity

15

Company statement of changes in equity

16

Consolidated cash flow statement

17

Notes to the consolidated cash flow statement

18

Notes to the consolidated financial statements

20

Directors:

G Knappett

S C Knappett

M L Knappett

J Knappett

R D Knappett

Registered office:

Surrey House Beacon Road

Rotherwas Industrial Estate

Hereford

United Kingdom

HR2 6JF

Registered number:

12346702 (England and Wales)

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

Principal activity

The principal activity of the Group is the sale of parts and machinery to the construction industry.

Review of business

This year saw an increase of sales to £14.54m (2023: £14.21m) due to excellent product offering and customer service. Profit before tax came in at £2.73m (2023: £2.07m), to give another good result this year.

The cash balance remained strong at £2.4m (2023: £2.27m), at the year ended 31st December 2024, allowing the Group to take advantage of opportunities as they arise.

The working capital cycle was uneventful with no significant movement in stock/debtors/creditors.

At the year end, the Group had shareholders' funds of £5m (2023: £6.36m), therefore the directors believe that there is a strong foundation to build the business further with sound strategic planning and investment opportunities.

Due to the success of the Holm Filter division, this division was demerged from the Group on 31st December 2024 and is now trading as a stand alone company. The effect of this demerger can be seen in the reduction in the Group's balance sheet, but it enables both entities to focus and perform to greater effect moving forwards.

Principal risks and uncertainties

The key business risks and uncertainties affecting the Group are considered to relate to:

-

Market conditions within the construction industry in the UK

-

Geopolitical events resulting in supply chain disruptions

-

Loss of key customers due to strategic change of direction

The Group aims to differentiate its service by delivering consistently high- quality products coupled with a strategy of continuous improvement in both service offering and range of goods. The directors monitor the state of market sectors that affect the business divisions and evolve the strategic plan as required.

The Group went through an intensive rebranding exercise in 2025, which resulted in a strategic shift to

more own label products thus strengthening the enterprise value as a whole and ensuring we remain relevant

in the upcoming years.

With this in mind the directors believe that the quality of our products and services will help mitigate these risks and expect to see satisfactory trading results in 2025.

Key performance indicators

The Group utilises a range of measures to assess its performance on the most appropriate time basis. These range from financial measures across the company as a whole to operational and selling measures within the individual departments.

Development and performance

We have successfully overcome the many challenges that interest and inflation rate rises have brought us in the previous years which have had a direct impact on the UK construction market. The current Government and its potential new legislation will bring its own challenges, but we believe the Group is in a strong position to make the most of the growth opportunities as they arise. To achieve this, our strategic focus will be to continually bring in new product ranges to compliment our offerings, whilst leveraging our sterling customer service, to drive repeat business.

On behalf of the board:

G Knappett - Director

29th September 2025

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

Dividends

The total distribution of dividends for the year ended 31st December 2024 were £1.25m.

Further dividends totalling £975k were duly authorised and paid on 28th January 2025 and 17th April 2025.

The directors recommend that no further dividend is paid and the remainder be transferred to reserves.

Research and development

The group invests in research and development in order to improve the customer experience.

Future developments

The directors expect continued improvement in the level of activity and operational profits for the forthcoming year ending 31st December 2025. No changes in the operational activities are expected in the foreseeable future.

Directors

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

G Knappett

S C Knappett

M L Knappett

J Knappett

R D Knappett

Other changes in directors holding office are as follows:

I Knappett ceased to be a director after 31st December 2024 but prior to the date of this report.

Financial instruments

The group enters into no complex financial instruments.

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, Chris Duckett (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

G Knappett - Director

29th September 2025

Opinion

We have audited the financial statements of Radial Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 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 31st 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 pages four and five, 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the goods supply sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

-

understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators and the group's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Chris Duckett (Senior Statutory Auditor)

for and on behalf of Chris Duckett (Audit) Limited

Chartered Accountants & Statutory Auditors

Network House

Thorn Office Centre

Rotherwas

Hereford

HR2 6JT

29th September 2025

Turnover

14,544,023

14,209,358

Cost of sales

9,250,517

9,047,409

Gross profit

5,293,506

5,161,949

Administrative expenses

2,883,252

3,036,473

2,410,254

2,125,476

Other operating income

11,277

-

Operating profit

4

2,421,531

2,125,476

Exceptional item

5

249,390

-

Profit on sale of land & buildings

5

127,745

-

2,798,666

2,125,476

Interest & similar income

55,899

49,023

2,854,565

2,174,499

Interest payable & similar

expenses

6

120,310

102,272

Profit before taxation

2,734,255

2,072,227

Tax on profit

7

623,357

524,833

Profit for the financial year

2,110,898

1,547,394

Profit attributable to:

Owners of the parent

2,110,898

1,547,394

Profit for the year

2,110,898

1,547,394

Other comprehensive income

Capital redemption

610

-

Demerger

(2,221,622

)

-

Income tax relating to components of other comprehensive income

-

-

Other comprehensive income for the year, net of income tax

(2,221,012

)

-

Total comprehensive income for the year

(110,114

)

1,547,394

Total comprehensive income attributable to:

Owners of the parent

(110,114

)

1,547,394

Fixed assets

Tangible assets

11

1,766,007

3,036,500

Investments

12

-

-

1,766,007

3,036,500

Current assets

Stocks

13

1,778,218

1,983,649

Debtors

14

2,076,895

2,362,273

Cash at bank and in hand

2,397,995

2,268,146

6,253,108

6,614,068

Creditors

Amounts falling due within one year

15

2,140,266

2,414,733

Net current assets

4,112,842

4,199,335

Total assets less current liabilities

5,878,849

7,235,835

Creditors

Amounts falling due after more than one year

16

(766,791

)

(768,682

)

Provisions for liabilities

20

(97,300

)

(81,400

)

Accruals and deferred income

21

(12,999

)

(26,000

)

Net assets

5,001,759

6,359,753

Capital and reserves

Called up share capital

22

2,510

1,000

Capital redemption reserve

23

610

-

Pre- acquisition reserves

23

4,114,276

4,114,276

Retained earnings

23

884,363

2,244,477

Shareholders' funds

5,001,759

6,359,753

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2025 and were signed on its behalf by:

G Knappett - Director

Fixed assets

Tangible assets

11

1,323,232

2,615,198

Investments

12

1,000

1,000

1,324,232

2,616,198

Current assets

Debtors

14

1,232

612

Cash at bank and in hand

623,791

625,579

625,023

626,191

Creditors

Amounts falling due within one year

15

1,154,432

2,290,329

Net current liabilities

(529,409

)

(1,664,138

)

Total assets less current liabilities

794,823

952,060

Creditors

Amounts falling due after more than one year

16

(718,322

)

(740,814

)

Provisions for liabilities

20

(200

)

(400

)

Accruals and deferred income

21

(4,667

)

(9,335

)

Net assets

71,634

201,511

Capital and reserves

Called up share capital

22

2,510

1,000

Capital redemption reserve

23

610

-

Retained earnings

23

68,514

200,511

Shareholders' funds

71,634

201,511

Company's profit for the financial year

1,117,393

6,123

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2025 and were signed on its behalf by:

G Knappett - Director

Called up

Capital

Pre-

share

Retained

redemption

acquisition

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1st January 2023

1,000

1,647,083

-

4,114,276

5,762,359

Changes in equity

Dividends

-

(950,000

)

-

-

(950,000

)

Total comprehensive income

-

1,547,394

-

-

1,547,394

Balance at 31st December 2023

1,000

2,244,477

-

4,114,276

6,359,753

Changes in equity

Increase in share capital

2,120

-

-

-

2,120

Reduction in share capital

(610

)

-

-

-

(610

)

Dividends

-

(1,249,390

)

-

-

(1,249,390

)

Total comprehensive income

-

(110,724

)

610

-

(110,114

)

Balance at 31st December 2024

2,510

884,363

610

4,114,276

5,001,759

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2023

1,000

1,144,388

-

1,145,388

Changes in equity

Total comprehensive income

-

6,123

-

6,123

Dividends

-

(950,000

)

-

(950,000

)

Balance at 31st December 2023

1,000

200,511

-

201,511

Changes in equity

Total comprehensive income

-

1,117,393

610

1,118,003

Dividends

-

(1,249,390

)

-

(1,249,390

)

Increase in share capital

2,120

-

-

2,120

Reduction in share capital

(610

)

-

-

(610

)

Total transactions with owners, recognised directly in equity

1,510

(1,249,390

)

-

(1,247,880

)

Balance at 31st December 2024

2,510

68,514

610

71,634

Cash flows from operating activities

Cash generated from operations

1

2,795,250

2,445,541

Interest paid

(118,262

)

(102,272

)

Interest element of hire purchase payments paid

(2,048

)

-

Tax paid

(506,604

)

(562,838

)

Net cash from operating activities

2,168,336

1,780,431

Cash flows from investing activities

Purchase of tangible fixed assets

(208,090

)

(1,647,433

)

Sale of tangible fixed assets

100,490

87,890

Interest received

55,899

49,023

Net cash from investing activities

(51,701

)

(1,510,520

)

Cash flows from financing activities

Loan repayments in year

(20,701

)

(118,081

)

Capital repayments in year

(54,923

)

(13,407

)

Amount introduced by directors

-

1,142,300

Amount withdrawn by directors

(199,423

)

-

Share issue

2,120

-

Equity dividends paid

(1,249,390

)

(950,000

)

Cash balance of Holm on demerger

(464,469

)

-

Net cash from financing activities

(1,986,786

)

60,812

Increase in cash and cash equivalents

129,849

330,723

Cash and cash equivalents at beginning of year

2

2,268,146

1,937,423

Cash and cash equivalents at end of year

2

2,397,995

2,268,146

1.	Reconciliation of profit before taxation to cash generated from operations

31.12.24

31.12.23

£

£

Profit before taxation

2,734,255

2,072,227

Depreciation charges

253,451

228,483

Profit on disposal of fixed assets

(85,456

)

(17,955

)

Finance costs

120,310

102,272

Finance income

(55,899

)

(49,023

)

2,966,661

2,336,004

Increase in stocks

(23,040

)

(87,942

)

(Increase)/decrease in trade and other debtors

(294,740

)

208,281

Increase/(decrease) in trade and other creditors

146,369

(10,802

)

Cash generated from operations

2,795,250

2,445,541

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 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,397,995

2,268,146

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,268,146

1,937,423