REGISTERED NUMBER: 01158616 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MAYPHIL (UK) LTD.

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Consolidated Profit and loss account

4

Consolidated Other Comprehensive Income

5

Consolidated Balance Sheet

6

Company Balance Sheet

8

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

R Medora

P Medora

S O'Sullivan

SECRETARY:

S O'Sullivan

REGISTERED OFFICE:

Goat Mill Road

Dowlais

Merthyr Tydfil

Mid Glamorgan

CF48 3TF

REGISTERED NUMBER:

01158616 (England and Wales)

ACCOUNTANTS:

Kingscott Dix (Cheltenham) Limited

7 Rockfield Business Park

Old Station Drive

Leckhampton

Cheltenham

GL53 0AN

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

REVIEW OF BUSINESS

The Group has delivered a robust and strategically positive performance during the year ended 31 March 2025, achieving an operating profit of £879k (2024 - £1.07m) on a turnover of £19.49m (2024 - £20.88m). Although turnover showed a modest decline of 7%, this is due to a temporary reduction in demand due to international conflicts and economic uncertainties. The overall financial performance underscores the strength and long-term resilience of the Group's business model.

Gross profit was well maintained at £1.99m (2024 - £2.49m) reflecting a favourable shift in product mix and firm control over costs.

The Group's proactive approach to procurement and pricing discipline have allowed it to protect profitability even against the backdrop of fluctuating demand. These measures, combined with a commitment to quality and service excellence, have further strengthened customer loyalty and positioned the Group advantageously for growth in the coming periods.

The increase in net assets to £5.03m (2024 - £4.70m) highlights a strengthened balance sheet, achieved through prudent financial management, effective working capital control, and a reduction in overall debt exposure. Stock levels were realigned to match current demand while improving liquidity and cash generation.

The Group's overseas subsidiaries have continued to make encouraging progress, contributing positively to the wider portfolio. New business development initiatives in international markets have started to yield results, supported by enhanced local management capability. The directors view the Group's overseas operations as a key growth driver, and investment in these regions remains a priority.

Management remains highly confident in the Group's prospects. The business enters the next financial year with a healthy order book, solid customer relationships, and a clear strategic plan centred on expansion and profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

Principal risks and uncertainties facing the group include the geo-political risks in the territories where the group operates, supply chain issues that have caused some interruption in product flows, global economic uncertainty and localised exchange rate variations.

KEY PERFORMANCE INDICATORS

Key performance indicators that are focused on by management include turnover, operating margins, cashflow and net assets plus close working capital control through stock, debtors and creditor days metrics. Each of these are reviewed regularly by management against the budget and prior periods. The directors are pleased with the performance of the group during the year with regard to the indicators above.

ON BEHALF OF THE BOARD:

S O'Sullivan - Director

23 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 distribution and engineering.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £334,106 from the company and £568,920 from the group.

DIRECTORS

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

R Medora

P Medora

S O'Sullivan

Other changes in directors holding office are as follows:

N Godfrey ceased to be a director after 31 March 2025 but prior to the date of this report.

ON BEHALF OF THE BOARD:

S O'Sullivan - Director

23 December 2025

TURNOVER

3

19,489,886

20,879,396

Cost of sales

(17,499,277

)

(18,384,403

)

GROSS PROFIT

1,990,609

2,494,993

Administrative expenses

(1,226,248

)

(1,527,331

)

764,361

967,662

Other operating income

114,466

103,069

OPERATING PROFIT

5

878,827

1,070,731

Interest receivable and similar income

1,116

1,134

879,943

1,071,865

Interest payable and similar expenses

6

(19,243

)

(18,719

)

PROFIT BEFORE TAXATION

860,700

1,053,146

Tax on profit

7

(183,321

)

(240,401

)

PROFIT FOR THE FINANCIAL YEAR

677,379

812,745

Profit attributable to:

Owners of the parent

677,379

812,745

PROFIT FOR THE YEAR

677,379

812,745

OTHER COMPREHENSIVE INCOME

Non-controlling interest profit/loss

(18,010

)

5,144

Revaluation of freehold property

291,032

-

Income tax relating to components of other comprehensive income

(72,700

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

200,322

5,144

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

877,701

817,889

Total comprehensive income attributable to:

Owners of the parent

859,691

823,033

Non-controlling interests

18,010

(5,144

)

877,701

817,889

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

2,229,051

1,898,223

Investments

12

-

-

2,229,051

1,898,223

CURRENT ASSETS

Stocks

13

3,491,019

7,051,506

Debtors

14

2,424,854

2,168,788

Cash at bank

541,662

178,644

6,457,535

9,398,938

CREDITORS

Amounts falling due within one year

15

(3,335,372

)

(6,209,863

)

NET CURRENT ASSETS

3,122,163

3,189,075

TOTAL ASSETS LESS CURRENT LIABILITIES

5,351,214

5,087,298

CREDITORS

Amounts falling due after more than one year

16

(23,333

)

(163,334

)

PROVISIONS FOR LIABILITIES

20

(301,818

)

(224,692

)

NET ASSETS

5,026,063

4,699,272

CAPITAL AND RESERVES

Called up share capital

21

110

110

Share premium

22

384

384

Revaluation reserve

22

1,611,703

1,393,371

Other reserves

22

117,979

117,979

Retained earnings

22

3,244,474

3,154,025

SHAREHOLDERS' FUNDS

4,974,650

4,665,869

NON-CONTROLLING INTERESTS

51,413

33,403

TOTAL EQUITY

5,026,063

4,699,272

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

R Medora - Director

P Medora - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

2,030,855

1,715,258

Investments

12

15,625

15,775

2,046,480

1,731,033

CURRENT ASSETS

Stocks

13

2,207,411

4,852,313

Debtors

14

4,256,769

4,311,426

Cash at bank

413,854

219,678

6,878,034

9,383,417

CREDITORS

Amounts falling due within one year

15

(2,880,046

)

(5,432,457

)

NET CURRENT ASSETS

3,997,988

3,950,960

TOTAL ASSETS LESS CURRENT LIABILITIES

6,044,468

5,681,993

CREDITORS

Amounts falling due after more than one year

16

(23,333

)

(163,334

)

PROVISIONS FOR LIABILITIES

20

(296,000

)

(211,000

)

NET ASSETS

5,725,135

5,307,659

CAPITAL AND RESERVES

Called up share capital

21

110

110

Revaluation reserve

22

1,611,703

1,393,371

Retained earnings

22

4,113,322

3,914,178

SHAREHOLDERS' FUNDS

5,725,135

5,307,659

Company's profit for the financial year

533,250

641,986

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

R Medora - Director

P Medora - Director

Called up

share

Retained

Share

Revaluation

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 April 2023

110

2,863,090

384

1,393,371

Changes in equity

Dividends

-

(526,954

)

-

-

Total comprehensive income

-

817,889

-

-

Balance at 31 March 2024

110

3,154,025

384

1,393,371

Changes in equity

Dividends

-

(568,920

)

-

-

Total comprehensive income

-

659,369

-

218,332

Balance at 31 March 2025

110

3,244,474

384

1,611,703

Other

Non-controlling

Total

reserves

Total

interests

equity

£

£

£

£

Balance at 1 April 2023

117,979

4,374,934

38,547

4,413,481

Changes in equity

Dividends

-

(526,954

)

-

(526,954

)

Total comprehensive income

-

817,889

(5,144

)

812,745

Balance at 31 March 2024

117,979

4,665,869

33,403

4,699,272

Changes in equity

Dividends

-

(568,920

)

-

(568,920

)

Total comprehensive income

-

877,701

18,010

895,711

Balance at 31 March 2025

117,979

4,974,650

51,413

5,026,063

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

110

3,597,472

1,393,371

4,990,953

Changes in equity

Dividends

-

(325,280

)

-

(325,280

)

Total comprehensive income

-

641,986

-

641,986

Balance at 31 March 2024

110

3,914,178

1,393,371

5,307,659

Changes in equity

Dividends

-

(334,106

)

-

(334,106

)

Total comprehensive income

-

533,250

218,332

751,582

Balance at 31 March 2025

110

4,113,322

1,611,703

5,725,135

Cash flows from operating activities

Cash generated from operations

1

1,686,482

(2,047,352

)

Interest paid

(19,243

)

(18,719

)

Tax paid

(527,081

)

(259,565

)

Net cash from operating activities

1,140,158

(2,325,636

)

Cash flows from investing activities

Purchase of tangible fixed assets

(73,865

)

(34,349

)

Sale of tangible fixed assets

4,530

-

Interest received

1,116

1,134

Net cash from investing activities

(68,219

)

(33,215

)

Cash flows from financing activities

Loan repayments in year

(140,001

)

(139,999

)

Equity dividends paid

(568,920

)

(526,954

)

Net cash from financing activities

(708,921

)

(666,953

)

Increase/(decrease) in cash and cash equivalents

363,018

(3,025,804

)

Cash and cash equivalents at beginning of year

2

178,644

3,204,448

Cash and cash equivalents at end of year

2

541,662

178,644

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

860,700

1,053,146

Depreciation charges

34,069

60,602

Profit on disposal of fixed assets

(4,380

)

-

Sale of fixed asset investments

(150

)

-

Finance costs

19,243

18,719

Finance income

(1,116

)

(1,134

)

908,366

1,131,333

Decrease in stocks

3,560,487

2,683,243

(Increase)/decrease in trade and other debtors

(256,067

)

1,492,884

Decrease in trade and other creditors

(2,526,304

)

(7,354,812

)

Cash generated from operations

1,686,482

(2,047,352

)

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

541,662

178,644

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

178,644

3,204,448

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

178,644

363,018

541,662

178,644

363,018

541,662

Debt

Debts falling due within 1 year

(140,000

)

-

(140,000

)

Debts falling due after 1 year

(163,334

)

140,001

(23,333

)

(303,334

)

140,001

(163,333

)

Total

(124,690

)

503,019

378,329

1.	STATUTORY INFORMATION

Mayphil (Uk) Ltd. 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Basis of consolidation

The consolidated group accounts of Mayphil (UK) Limited are derived from the financial statements of the company and its subsidiaries, all prepared in accordance with group accounting policies with reference to FRS 102.

The assets, liabilities, costs and revenues of the individual consolidated companies are fully consolidated on a line-by-line basis, regardless of the percentage owned, while the carrying value of consolidated investments held by Mayphil (UK) Ltd is eliminated against the related share of equity.

All intercompany balances and transactions, including unrealised profits deriving from transactions between consolidated companies, are eliminated.

The financial statements of the subsidiaries are drawn up using the functional currency in which the operate. The consolidated financial statements are presented in pound sterling, the functional currency of Mayphil (UK) Limited, and hence the presentational currency of the consolidated financial statements of the group.

Individual subsidiary accounts not prepared in pound sterling are translated before consolidation. Balance Sheet items are translated at the year-end exchange rate. Profit and Loss items are translated using the average exchange rate for the year.

Significant judgements and estimates

No significant judgements or estimations have been used in preparing the financial statements, except in relation to the revaluation of freehold property. A professional valuation has been obtained to ensure the valuation is robust.

Going concern:

Despite ongoing economic uncertainty in the global environment, the group and company continues to trade profitably, and maintains a strong balance sheet.

The results of individual subsidiaries within the group are considered satisfactory given said economic uncertainty. The company is committed to its international markets, and has pledged to support all subsidiary companies as needed.

The company directors are confident that the group continues to be a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of trade and assets in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost, 25% on cost, 25% on reducing balance and 15% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

Employees of the group have individual funds in a defined contribution pension scheme. Group contributions payable to an employee's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.