REGISTERED NUMBER: 02024154 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Doric Developments (Bath) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

8

Report of the Independent Auditors

10

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

15

Consolidated Balance Sheet

16

Company Balance Sheet

17

Consolidated Statement of Changes in Equity

18

Company Statement of Changes in Equity

19

Consolidated Cash Flow Statement

20

Notes to the Consolidated Financial Statements

21

DIRECTORS:

Dr R D Timbrell-Whittle

Mrs S A Timbrell-Whittle

SECRETARY:

Mrs S A Timbrell-Whittle

REGISTERED OFFICE:

Doric House

Middleton Drive

Bradford on Avon

Wiltshire

BA15 1GB

REGISTERED NUMBER:

02024154 (England and Wales)

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

HISTORY AND PRINCIPAL ACTIVITIES

The parent Company, founded in 1986, continues to seek development land and construction projects, utilising Ashford Homes (South Western) Limited (Ashford Homes), for construction of its new homes and commercial developments in premium locations in the South West region. Where sites present an opportunity for an element of refurbishment of a heritage or listed building within the 'new build' site, then the Company also commits its contractor to design and carry out these works.

Doric Developments (Bath) Limited (Doric) identifies its development sites through a network of established agents and contacts and, with historic profits reinvested in the business, provides an opportunity to purchase these without lengthy recourse to third party funding. With residential sites being hampered by planning delays, the design and construction of commercial buildings, where there appears to be strong demand, is also actively sought.

Ashford Homes, acquired in 1993, undertakes construction contracts as the main contractor for the Doric schemes, both residential homes and, more recently, commercial projects. The business foresees additional growth in the provision of purpose designed commercial buildings for specific end user clients although the supply of land zoned for industrial development is in limited supply in the local vicinity. The Company has again increased its market presence with its high-quality residential developments in the region, utilising its reputation for design, quality and innovation. The Company has gained no less than twenty-four awards for design and build quality from distinguished organisations and the local authority in the last decade. As a traditional construction techniques builder, the Company has chosen to avoid the market drift toward modular construction.

Islington Trowbridge Limited (Islington), a franchise motor dealer, acquired in 1998, remains ambitious to grow and serve a sizeable loyal client base founded upon its reputation for its knowledgeable, customer friendly and transparent approach to all things motoring. The Company currently holds franchises for Ford, MG, Suzuki and Transit, as well as Peugeot/Citroën after sales contracts, as at the year end. The business sold almost 1900 retail vehicles during the year. At the year end, negotiations were ongoing to arrange a sale of Trowbridge Ford to TrustFord Motor Company and to close its Westbury Ford operation.

PERFORMANCE AND STRATEGY FOR SUSTAINABLE GROWTH

The group turnover for the year 2024 was £56,894,311 showing a marginal 1% decrease over 2023 results with net assets of the business standing at £43,832,134. The aggregated pre-tax profit margin for the business was circa 1.43%.

Doric

As Doric completes the trading year 2024, interest rates have plateaued and inflation beginning to decline resulting in a more attractive financial climate for house purchasers. During the year, twenty-three new properties were sold, of which four were affordable homes sold on a discount market basis. While seven construction sites were in operation during the course of the year, the exceptional development costs for groundworks and extensive drainage provision on two sites will result in significant losses when the sites have been completed. New measures have been implemented to gain a better understanding of ground and drainage risks.

The Company continues to exclusively use Ashford Homes for its construction and project requirements, as well as some design and planning services in addition to external consultants.

Doric uses land and sales agents to assist with the identification of appropriate development sites and the sale of completed projects, however, in an effort to strengthen the retail offering and gain a greater understanding of customer's tastes and requirements, a position of Sales Manager was created and filled during the course of the year. In future, there will be some premium sites that our new internal sales mechanism will operate to complete sales without the assistance and costs of external agents.

Ashford Homes

Ashford Homes' annual turnover decreased by circa 28% from £15.90m to £11.39m in 2024, while gross profit margin was increased by approaching 1% over 2023. The increase in overheads for the year of circa 3% together with a reduced turnover, resulted in the Company recording a net loss of £194k. The national and local planning system and dearth of appropriate development land were the prime causes of the Company's reduced turnover. In addition, the recent introduction of biodiversity net gain regulations (BNG), together with the numerous additional specialist reports required to support a residential planning application further contributed to delays and additional cost.

During the latter part of the year, a degree of economic uncertainty has eased the premium residential land market and the parent Company has been successful in acquiring more procedable sites to support a generous increase in turnover in 2025.

The Company directors, together with our external consultants, the Building Safety Group, continually monitor our safe practice on site, as well as the office environment, resulting in consistently good safety reports.

Ashford Homes continue to outperform the energy and carbon emission targets set by National Building Regulations and has commenced its first site 'zero carbon in use' homes.

The Company has also made significant progress in reducing customer care issues with the introduction of enhanced quality checks reducing latent defects and resulting in a higher level of customer satisfaction.

As we approach 2025, Ashford Homes, its processes and employees have confidence that a drive for growth will be successful through the additional land acquisitions, planning gains and additional professional staff secured to meet the anticipated turnover.

Islington

Both the retail motor trade and car manufacturers are experiencing unprecedented change with the advent of electrical powered vehicles. The transition from ICE (internal combustion engine) to BEV (battery electric vehicles) continues to disrupt the industry with some early adopters seeing significant reductions in market share. Furthermore, the rapid growth of Chinese car manufacturers entering the UK market continues to affect the market, offering comparable products at significantly lower retail prices.

During 2024, skill shortages in the workshops, high franchise representation costs and the ability to procure retail ready used stock remained the key challenges of the business, resulting in a reduction in overhead absorption from these operations and making viability more dependent on achieving new car sales objectives. To overcome skill shortages, the business continues to invest in apprenticeships with a commitment to have at least one new apprentice every year at each location.

During the year the total new car market in the UK was marginally up 2.6%, to 1.95 million with BEV sales experiencing a record year at 381,000 units and a 19.6% share (21% increase on 2023). However, this is still below the Government's mandated target of 22%.

Despite the decision to reduce the costly number of franchise partners for new vehicle sales; the directors are of the view that the increased focus on remaining brands will enable an improvement in market share of the remaining brands and also maximise the financial performance.

Used vehicle values have been extremely volatile requiring daily reviews to maintain competitiveness. Used vehicle stock procurement continues to be a challenge.

PRINCIPAL RISKS AND UNCERTAINTIES

As the Group moves into 2025, there are trends and significant events that will impact both the residential housing market and the vehicle supply industry. The residential housing market maintains a level of activity but younger buyers are lacking financial incentives to commit to purchase. In this regard, a number of the Company developments are providing shared ownership and discount market homes to address affordability issues. Sales of the Company's higher value homes should meet market appetite and, provided reasonable incentives are on offer, will secure sales, with the average time for reservation to completion now standing at 150 days.

Islington's mature and extensive customer base continues to provide business opportunities however, the decision as to whether to purchase a petrol, diesel, hybrid or full electric powered vehicle remains difficult for many customers and there is little doubt that some customers will defer purchases until a clear trend is emerging. The service and parts component of the business remains buoyant and the directors believe that the Group has sufficient financial resources and liquidity to sustain the business in the event of a disrupted supply market.

A year-end review of all the franchise representation continues to be an important component of management and appropriate changes will be made if preferred and more profitable franchise opportunities arise.

MARKETING DEPARTMENT

With the aid of a full time marketing professional, Doric and Ashford Homes' marketing has become considerably more focussed, not just with the use of social media but also with production of walkthrough videos, CGIs (Computer Generated Images) as well as dedicated brochures all gaining early client interest and recently securing off plan reservations. Elevated social media activity with posts, 'likes' and 'comments' on Twitter, Instagram, Facebook and LinkedIn have resulted in increases in posts and as much as a five fold increase in followers over recent times. The net effect has been to increase brand awareness and focussed interest on Ashford Homes, enabling customer information to be collated on the Company's database for 'future development' marketing.

Islington has noted the entry into "click and collect" car retail operations by some key players in the industry and, moreover, the increasing demand from consumers for dealers to deliver a seamless online transaction. The directors have therefore intensified the focus and investment into creating a fully functional e-commerce platform which is already seeing some early signs of success without sacrifice of margin.

RESEARCH AND DEVELOPMENT

Doric and Ashford Homes continue to seek and employ new technology to ensure it meets the latest environmental standards as well as technological improvements in its construction and use of its new homes.

Islington are introducing new maintenance training programmes using advanced technology for fully electric and hybrid vehicles. Further investment will be made in developing digital and e-commerce sales with the existing and embryonic web platform.

To progress the reduction in carbon footprint and enhance the Company's digital position, a new 'state of the art' Dealer Management System has been implemented. The system offers numerous benefits, including website and franchise integration as well as time saving functionality.

CARBON REPORTING

The Parent Company's emissions fall below the threshold for data reporting. All subsidiaries are below the threshold.

SECTION 172(1) STATEMENT

The Group is a large group and requires disclosure under s172 of the Companies Act 2006. We therefore set out the key stakeholder parties of the Group and how we engage with them, the impact of the companies' operations on the community and the environment, and the steps the Group has taken to maintain its reputation for high standards of business conduct.

ENGAGEMENT WITH KEY STAKEHOLDERS

By understanding our stakeholders informed decisions can be made to ensure the success of the Group.

Stakeholder

Their issues

How we engage

Employees

Opportunities for development

Personnel requiring new opportunities are regularly introduced into a supportive review process where possible.

Fair pay

Our employees continue to be our most valuable asset and we strive to ensure that they are rewarded well and within the higher sector of the industry's salary framework.

Customers

Availability of affordable housing

With the cessation of the Government backed 'Help to Buy' scheme, the Company is providing opportunities for 'shared ownership' and 'discount market' homes on appropriate sites.

Customer support

To ensure ongoing continuity of contact with the company's residential customers, a software package, 'Freshdesk', has been successfully implemented whereby clients have the ability to log issues and snagging faults or, indeed, compliments with the Company. The procedure is proving efficient in that there is a documented log that enables focus and addressing of any issues that may arise with a recoverable history and trail for resolution. The Company continues to log client satisfaction with testimonials to assist in supporting its premium position in the marketplace.

SuppliersSub- contractors

Fair payment terms

The Company seeks to act in a responsible, transparent and fair way in engaging with suppliers. The Directors see benefit in forming constructive long term relationships with vested parties to the mutual benefit of all.

Prompt settling of outstanding amounts

We agree payment terms with all our suppliers prior to order and ensue invoices are paid within a thirty day period.

Local communities

Housing that is in keeping with local surroundings

The companies, all based in West Wiltshire, seek to foster good relationships with the local community by minimising disruption and inconvenience, being a highly regarded employer and supporting local and national charitable giving.

Minimal disruption during construction

We monitor construction nuisance through site and project management with objectives to minimise noise, dust and odour for adjoining properties. Ongoing dialogue with neighbours is actively encouraged to mitigate any nuisance.

Stakeholder

Their issues

How we engage

Government

Provision of affordable housing

The Directors have regard for maintaining a respected and mutually constructive relationship with the local planning authority, local government as well as HMRC.

Environment

Carbon emission targets

Over the last three years, as well as the inclusion of solar panels, the business has moved, almost exclusively, toward the introduction of underfloor heating throughout its homes, as well as the provision of air source heat pumps as an energy source provider. Carbon footprint is also being reduced in homes by specifying LED lighting throughout with a drive to producing zero carbon emission homes in the future.Islington will continue to market its brands with more electric powered models, as well as re-equipping, where necessary, the workshops for the new servicing requirements. Further factory training of technicians will also be undertaken. To further reduce electrical consumption, a sizeable solar panel installation is to be installed at both Canal Road, Trowbridge premises.

HEALTH & SAFETY REVIEW

An ongoing programme and review of health and safety procedures in the business is embedded in the leadership culture. The need to rigorously enforce these procedures and policies to ensure that our employees and subcontractors remain well and accident free is consistently measured and prioritised.

ANTI SLAVERY POLICY

Modern slavery encompasses slavery, servitude, human trafficking and forced labour. Doric, Ashford Homes and Islington have a zero-tolerance approach to any form of modern slavery. The Company is committed to acting ethically and with integrity and transparency in all its dealings and has put effective systems and controls in place to safeguard against any form of modern slavery taking place within the business or its supply chain. Areas of risk within the group companies have been identified and a structure of reporting set up.

FUTURE FINANCIAL OUTLOOK

At the end of the year the Company remains debt free through internal cash generation and self-investment. For the foreseeable future, no capital raising is anticipated although the market indicators suggest that, unless the uncertainty prevailing around inflation, service costs and delayed deliveries is diminished, the sales of homes and vehicles may slow and, therefore, impact on cashflow and productivity rates. The Company will endeavour to maintain a two/three year land bank without external funding.

NON-FINANCIAL KPIS

The Company's non-financial KPIs include sale completions of new homes and commercial buildings; provision and commencement of sites for development; franchise contracts; customer support software and systems; web traffic and social media.

Entity

2024

2023

Sale of new homes

Doric

23

16

Commencement of plots for development

Ashford

36

41

Completion of homes for sale

Ashford

30

18

Customer care tickets received

Ashford

853

1,155

Urgent

0.00%

0.52%

High priority

1.17%

9.26%

Medium priority

2.23%

18.01%

Low priority

96.60%

72.21%

Customer care tickets resolved

Ashford

1,146

n/a

Sale of vehicles

Islington

New

777

750

Used

1,090

1,254

KEY PERFORMANCE INDICATORS

Given the nature of the business, the Group's directors remain of the opinion that the management tools currently in place for the positioning and the sustainability of its businesses in the marketplace are sufficient for the purpose.

The key performance indicators are given below:

2024

2023

£'000

£'000

Turnover

56,894

57,505

Gross Profit

4,001

4,067

Gross profit (%)

7.03

7.07

ON BEHALF OF THE BOARD:

Dr R D Timbrell-Whittle - Director

12 December 2025

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

DIVIDENDS

Interim dividends per share were paid as follows:

6.67

- 17 May 2024

£6.67

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 667 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Dr R D Timbrell-Whittle

Mrs S A Timbrell-Whittle

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The group holds or issues financial instruments in order to achieve three main objectives, being:

a) to finance its operations;

b) to manage its exposure to interest risks arising from its operations and from its sources of finance;

c) for trading purposes.

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the group's operations.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out the group's strategic report information required by Schedule 7 of Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors report. It has done so in respect of future developments and research and development.

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 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.

ON BEHALF OF THE BOARD:

Dr R D Timbrell-Whittle - Director

12 December 2025

Opinion

We have audited the financial statements of Doric Developments (Bath) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 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 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:

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the group. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

-

Understanding of management’s internal controls designed to prevent and detect irregularities, and fraud;

-

Reviewing the group’s legal costs to check for non-compliance with laws and regulations and fraud;

-

Reviewing Board of Directors minutes;

-

Review of tax compliance with the involvement of our tax specialists in the audit;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

-

Testing transactions entered into outside of the normal course of the group’s business; and

-

Identifying and testing journal entries, in particular any journal entries with fraud characteristics

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Martin Longmore (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditors

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

15 December 2025

TURNOVER

4

56,895

-

56,895

Cost of sales

(52,895

)

-

(52,895

)

GROSS PROFIT

4,000

-

4,000

Administrative expenses

(3,889

)

-

(3,889

)

111

-

111

Other operating income

120

-

120

OPERATING PROFIT

6

231

-

231

Interest receivable and similar income

711

-

711

Interest payable and similar expenses

8

(126

)

-

(126

)

PROFIT BEFORE TAXATION

816

-

816

Tax on profit

9

(270

)

-

(270

)

PROFIT FOR THE FINANCIAL YEAR

546

-

546

Profit attributable to:

Owners of the parent

595

Non-controlling interests

(49

)

546

TURNOVER

4

54,177

3,328

57,505

Cost of sales

(50,320

)

(3,118

)

(53,438

)

GROSS PROFIT

3,857

210

4,067

Administrative expenses

(3,495

)

(290

)

(3,785

)

362

(80

)

282

Other operating income

114

-

114

OPERATING PROFIT/(LOSS)

6

476

(80

)

396

Loss on disposal of operation

7

-

(94

)

(94

)

476

(174

)

302

Interest receivable and similar income

871

2

873

Interest payable and similar expenses

8

(89

)

(6

)

(95

)

PROFIT/(LOSS) BEFORE TAXATION

1,258

(178

)

1,080

Tax on profit/(loss)

9

(525

)

31

(494

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

733

(147

)

586

Profit/(loss) attributable to:

Owners of the parent

528

Non-controlling interests

58

586

PROFIT FOR THE YEAR

546

586

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

546

586

Total comprehensive income attributable to:

Owners of the parent

595

528

Non-controlling interests

(49

)

58

546

586

FIXED ASSETS

Tangible assets

12

436

462

Investments

13

-

-

Investment property

14

210

210

646

672

CURRENT ASSETS

Stocks

15

43,228

34,593

Debtors

16

1,084

1,395

Cash at bank

12,440

17,345

56,752

53,333

CREDITORS

Amounts falling due within one year

17

13,485

10,634

NET CURRENT ASSETS

43,267

42,699

TOTAL ASSETS LESS CURRENT LIABILITIES

43,913

43,371

PROVISIONS FOR LIABILITIES

21

82

86

NET ASSETS

43,831

43,285

CAPITAL AND RESERVES

Called up share capital

22

-

-

Retained earnings

23

43,853

43,258

SHAREHOLDERS' FUNDS

43,853

43,258

NON-CONTROLLING INTERESTS

24

(22

)

27

TOTAL EQUITY

43,831

43,285

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

Dr R D Timbrell-Whittle - Director

FIXED ASSETS

Tangible assets

12

3

-

Investments

13

276

276

Investment property

14

210

210

489

486

CURRENT ASSETS

Stocks

15

35,256

28,718

Debtors

16

1,993

3,290

Cash at bank

11,212

15,877

48,461

47,885

CREDITORS

Amounts falling due within one year

17

4,618

4,504

NET CURRENT ASSETS

43,843

43,381

TOTAL ASSETS LESS CURRENT LIABILITIES

44,332

43,867

CAPITAL AND RESERVES

Called up share capital

22

-

-

Retained earnings

23

44,332

43,867

SHAREHOLDERS' FUNDS

44,332

43,867

Company's profit for the financial year

466

1,312

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

Dr R D Timbrell-Whittle - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£'000

£'000

£'000

£'000

£'000

Balance at 1 January 2023

-

42,734

42,734

19

42,753

Changes in equity

Dividends

-

(4

)

(4

)

(50

)

(54

)

Total comprehensive income

-

528

528

58

586

Balance at 31 December 2023

-

43,258

43,258

27

43,285

Changes in equity

Dividends

-

(1

)

(1

)

-

(1

)

Total comprehensive income

-

595

595

(49

)

546

Balance at 31 December 2024

-

43,852

43,852

(22

)

43,830

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2023

-

42,559

42,559

Changes in equity

Dividends

-

(4

)

(4

)

Total comprehensive income

-

1,312

1,312

Balance at 31 December 2023

-

43,867

43,867

Changes in equity

Dividends

-

(1

)

(1

)

Total comprehensive income

-

466

466

Balance at 31 December 2024

-

44,332

44,332