REGISTERED NUMBER: 01128575 (England and Wales)

TREVOR ILES LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

S T Iles

R S Iles

G S Iles

Mrs A L Iles

Mrs C Iles

SECRETARY:

G S Iles

REGISTERED OFFICE:

Valley Mills

Valley Road

Bradford

West Yorkshire

BD1 4RU

REGISTERED NUMBER:

01128575 (England and Wales)

AUDITORS:

DSC Accountants Ltd

Chartered Accountants

Statutory Auditors

Tattersall House

East Parade

Harrogate

North Yorkshire

HG1 5LT

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

REVIEW OF BUSINESS

Turnover for the year ended 31 March 2025 was £9,402,234 which was a decrease of £1,289,942 compared with last year (2024: £10,692,176). The operating loss for the year ended 31 March 2025 was £335,792 which is a decrease of £349,942 compared with the prior year (2024 Operating Profit £14,150).

The significant drop in turnover is primarily due to the loss of a major local authority contract for Trevor Iles Limited at the end of the 2023-24 financial year so a downturn of this magnitude was largely expected for the group this year. Although there was the potential to retain or regain some of the business due to differences in product specifications tendered by our competitors and the potential to replace a portion of this business with other long term contracts, problems with the e-tenders at the customer end and delays by the decision makers have dragged on throughout the year and caused us to postpone our plans to reduce distribution and administrative costs until we were more certain about the sales volumes we might expect at this time. The process of scaling down the distribution and administrative costs of the business therefore only gathered pace as we approached the end of the year but resulted in additional one-off costs for redundancies which are included in these accounts.

The distribution costs of the business increased as we pursued more speculative sales growth opportunities and added more resource to tendering for large contracts which have grown more complex and time consuming in our industry. Significant wage inflation also continues to push up our distribution and administrative costs as a direct result of the Government's increases in the Minimum Wage and Real Living Wage which have a knock-on effect throughout the business and economy.

Our customers are also facing similar inflationary and economic pressures forcing them to look for cost saving opportunities wherever possible. We strive to keep costs down by buying in the most economical way and pass on the savings to our customers. We supply a wide range of cleaning, hygiene, janitorial, washroom and PPE products to give our customers the ability to choose the products which are most suitable for their cleaning, safety and quality requirements which are also within their budget. We continue to work closely with our suppliers to maintain good supply chain relationships which are fundamental to our business and long-term success. However, the Iles group is committed to its strategy for carbon reduction and continues to switch to hybrid and electric vehicles at the point of renewal to reduce our emissions and help our customers meet their own carbon reduction targets although there is a greater financial cost to the business in doing so. We have switched our utility contracts to renewable energy sources to further align our carbon reduction strategy with those of our customers and to ensure we are part of the supply chain of companies who share the same environmentally responsible objectives.

PRINCIPAL RISKS AND UNCERTAINTIES

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Credit risk

The principal credit risk arises from the group's trade debtors. In order to manage the credit risk, the company uses third party credit references and customer payment history to establish the correct credit limit for each customer. These credit limits are reviewed on a regular basis and take into account the most recent collection history and spend.

ON BEHALF OF THE BOARD:

G S Iles - Director

3 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of was the supply of cleaning, hygiene and janitorial products, PPE and workwear, floorcare machines sales and service and the manufacture of waste containers.

DIVIDENDS

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

FUTURE DEVELOPMENTS

The directors remain confident that the business will continue to maintain profitability in the next financial year.

DIRECTORS

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

S T Iles

R S Iles

G S Iles

Mrs A L Iles

Mrs C Iles

FINANCIAL INSTRUMENTS

The group uses various financial instruments; these include loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. The existence of these financial intruments exposes the company to a number of financial risks which are reviewed regularly by the directors. In reviewing these risks the directors take into account all available information covering current and future interest rates and exchange rates. They then set the policy to be adhered to for a set period, at which time they will review the situation and set a new policy if required.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

G S Iles - Director

3 December 2025

Opinion

We have audited the financial statements of Trevor Iles Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and the inspection of other regulatory and legal correspondence. We addressed the risk of management override of internal controls, including testing journals and estimates and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud and the completeness of incoming resources by testing from sales order. We did not identify any key audit matters relating to irregularities, including fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Graham French (Senior Statutory Auditor)

for and on behalf of DSC Accountants Ltd

Chartered Accountants

Statutory Auditors

Tattersall House

East Parade

Harrogate

North Yorkshire

HG1 5LT

3 December 2025

TURNOVER

9,402,234

10,692,176

Cost of sales

6,604,564

7,553,042

GROSS PROFIT

2,797,670

3,139,134

Distribution costs

1,597,410

1,568,400

Administrative expenses

1,536,052

1,556,584

3,133,462

3,124,984

OPERATING (LOSS)/PROFIT

4

(335,792

)

14,150

Interest receivable and similar income

-

5

(LOSS)/PROFIT BEFORE TAXATION

(335,792

)

14,155

Tax on (loss)/profit

5

(31,529

)

7,941

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(304,263

)

6,214

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(304,263

)

6,214

(Loss)/profit attributable to:

Owners of the parent

(304,263

)

6,214

Total comprehensive income attributable to:

Owners of the parent

(304,263

)

6,214

FIXED ASSETS

Intangible assets

7

129,998

161,559

Tangible assets

8

544,433

597,682

Investments

9

-

-

674,431

759,241

CURRENT ASSETS

Stocks

10

969,336

1,097,765

Debtors

11

1,624,166

1,799,485

Cash at bank and in hand

1,592,136

1,655,706

4,185,638

4,552,956

CREDITORS

Amounts falling due within one year

12

1,260,176

1,376,534

NET CURRENT ASSETS

2,925,462

3,176,422

TOTAL ASSETS LESS CURRENT LIABILITIES

3,599,893

3,935,663

PROVISIONS FOR LIABILITIES

14

-

31,507

NET ASSETS

3,599,893

3,904,156

CAPITAL AND RESERVES

Called up share capital

15

17,831

17,831

Share premium

16

11

11

Revaluation reserve

16

127,701

131,416

Capital redemption reserve

16

11,171

11,171

Retained earnings

16

3,436,357

3,736,905

SHAREHOLDERS' FUNDS

3,593,071

3,897,334

NON-CONTROLLING INTERESTS

6,822

6,822

TOTAL EQUITY

3,599,893

3,904,156

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2025 and were signed on its behalf by:

S T Iles - Director

G S Iles - Director

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

439,819

462,037

Investments

9

1,168,341

1,168,341

1,608,160

1,630,378

CURRENT ASSETS

Stocks

10

552,420

637,398

Debtors

11

943,487

938,739

Cash at bank and in hand

297,702

520,404

1,793,609

2,096,541

CREDITORS

Amounts falling due within one year

12

1,956,490

1,887,481

NET CURRENT (LIABILITIES)/ASSETS

(162,881

)

209,060

TOTAL ASSETS LESS CURRENT LIABILITIES

1,445,279

1,839,438

PROVISIONS FOR LIABILITIES

14

-

31,507

NET ASSETS

1,445,279

1,807,931

CAPITAL AND RESERVES

Called up share capital

15

17,831

17,831

Share premium

16

11

11

Revaluation reserve

16

127,701

131,416

Capital redemption reserve

16

11,171

11,171

Retained earnings

16

1,288,565

1,647,502

SHAREHOLDERS' FUNDS

1,445,279

1,807,931

Company's loss for the financial year

(362,652

)

(139,515

)

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2025 and were signed on its behalf by:

S T Iles - Director

G S Iles - Director

Called up

share

Retained

Share

Revaluation

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 April 2023

17,831

3,726,976

11

135,131

Changes in equity

Total comprehensive income

-

9,929

-

(3,715

)

Balance at 31 March 2024

17,831

3,736,905

11

131,416

Changes in equity

Total comprehensive income

-

(300,548

)

-

(3,715

)

Balance at 31 March 2025

17,831

3,436,357

11

127,701

Capital

redemption

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 April 2023

11,171

3,891,120

6,822

3,897,942

Changes in equity

Total comprehensive income

-

6,214

-

6,214

Balance at 31 March 2024

11,171

3,897,334

6,822

3,904,156

Changes in equity

Total comprehensive income

-

(304,263

)

-

(304,263

)

Balance at 31 March 2025

11,171

3,593,071

6,822

3,599,893

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 April 2023

17,831

1,783,302

11

Changes in equity

Total comprehensive income

-

(135,800

)

-

Balance at 31 March 2024

17,831

1,647,502

11

Changes in equity

Total comprehensive income

-

(358,937

)

-

Balance at 31 March 2025

17,831

1,288,565

11

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 April 2023

135,131

11,171

1,947,446

Changes in equity

Total comprehensive income

(3,715

)

-

(139,515

)

Balance at 31 March 2024

131,416

11,171

1,807,931

Changes in equity

Total comprehensive income

(3,715

)

-

(362,652

)

Balance at 31 March 2025

127,701

11,171

1,445,279

Cash flows from operating activities

Cash generated from operations

1

17,880

253,562

Tax paid

(5,486

)

(43,388

)

Net cash from operating activities

12,394

210,174

Cash flows from investing activities

Purchase of intangible fixed assets

-

(3,000

)

Purchase of tangible fixed assets

(75,964

)

(253,801

)

Sale of tangible fixed assets

-

37,102

Interest received

-

5

Net cash from investing activities

(75,964

)

(219,694

)

Decrease in cash and cash equivalents

(63,570

)

(9,520

)

Cash and cash equivalents at beginning of year

2

1,655,706

1,665,226

Cash and cash equivalents at end of year

2

1,592,136

1,655,706

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(335,792

)

14,155

Depreciation charges

160,774

147,512

Profit on disposal of fixed assets

-

(35,656

)

Finance income

-

(5

)

(175,018

)

126,006

Decrease in stocks

128,429

71,049

Decrease in trade and other debtors

175,319

327,175

Decrease in trade and other creditors

(110,850

)

(270,668

)

Cash generated from operations

17,880

253,562

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,592,136

1,655,706

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,655,706

1,665,226

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,655,706

(63,570

)

1,592,136

1,655,706

(63,570

)

1,592,136

Total

1,655,706

(63,570

)

1,592,136

1.	STATUTORY INFORMATION

Trevor Iles 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statments have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation

The group's financial statements consolidate those of the company and it subsidiary undertakings drawn up to 31 March 2025. Profits or losses on intra-group transactions are eliminated in full. Inter-company balances and unrealised gains on transactions between group companies are eliminated on consolidation. On acquisition of a subsidiary, all of the subsidiary's assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at that date.

Related party exemption

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 within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Depreciation

The depreciation policy has been set according to management' experience of the useful lives of a typical asset in each category, something that is reviewed annually.

Provision for obsolete or slow-moving stock

A provision for obsolete or slow-moving stock has been included within the financial statements. The estimate is supported by management's review of stock that has not been issued for sale recently and their assessment based on experience of whether this should give rise to a provision.