W. Oliver (Exorna) Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—8
Profit and Loss Account	9
Balance Sheet	10—11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Notes to the Statement of Cash Flows	14
Notes to the Financial Statements	15—23

The directors present their strategic report for the year ended 31 March 2025.

Review of the Business

Turnover during the year increased by £1,215,238, a direct result of the Company branching into additional revenue streams during the year. The diversification of the product range has allowed the Company to widen its customer base, making it more resilient against downturns in certain markets. Operating profit increased by £67,790, stemming from the increased turnover, and the continued monitoring of wage costs throughout the year.

Turnover, and wage costs are key indicators that are reviewed each month by the directors. The Company continues to advance the use of IT systems throughout all manufacturing processes, with the aim of making them more efficient, and to reduce overall wage costs.

Principal Risks and Uncertainties

The company's operations expose it to a variety of business and financial risks that include competition within the industry, market prices, credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company.

Price risk

The company is exposed to commodity price risk as a result of its operations. However given their size, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit this policy should the company's operations change in size or nature.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity risk

The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure that the company has sufficient available funds for operations and planned expansions.

Interest rate risk

The company has a policy of maintaining debt at a fixed rate to ensure certainity of future interest cash flows. The directors will revisit this policy should the company's operations change in size or nature.

Future Developments

The Directors are confident that despite concerns arising from the current housing market, they will be able to maintain and improve the current level of performance.

The economic environment continues to evolve and in the coming year the company aims to increase revenue, operating profits and the number of customers it reaches. The company will continue to develop relations with suppliers, customers, generate new business where possible whilst remaining highly competitive.

Page 1

Page 2

W. Oliver (Exorna) Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

Key Performance Indicators

The Key Performance Indicators during the financial year were as follows:

	2025	2024
Turnover	£9,018,775	£7,803,537
GP%	40.60%	41.00%
NP%	3.30%	3.25%

On behalf of the board

Mr Richard Nixon

Director

29/12/2025

Page 2

Page 3

W. Oliver (Exorna) Limited

Company No. NI016697

Directors' Report For The Year Ended 31 March 2025

Directors' Report

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

Principal Activity

The company's principal activity continues to be that of the manufacture and supply of kitchens.

Dividends

The value of dividends paid amounted to £92,932 .

Directors

The directors who held office during the year were as follows:

Mr Richard Nixon
Mrs Margaret Oliver
Mr Richard Oliver
Mr William Oliver
Mrs Anne Bell	Resigned	30/06/2024
Mr Andrew Oliver

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 3

Page 4

W. Oliver (Exorna) Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, MKP Accountants Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Richard Nixon

Director

29/12/2025

Page 4

Page 5

Independent Auditor's Report

to the Members of

W. Oliver (Exorna) Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of W. Oliver (Exorna) Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit/(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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

W. Oliver (Exorna) Limited

Matters on Which We Are Required to Report by Exception

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

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or 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 Directors' Responsibilities Statement set out on page 3—4, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Page 6

Page 7

Independent Auditor's Report (continued)

to the Members of

W. Oliver (Exorna) Limited

Auditor's 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 an auditor's report 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 obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation, Furniture Industry Research Association (FIRA), and The Furniture Ombudsman.
We enquired of the directors, reviewed correspondence with HMRC for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.
The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks.
We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations.
We enquired of the directors about actual and potential litigation and claims.
We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to 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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 that we are required to state to them in an auditor's report 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.

Page 7

Page 8

Independent Auditor's Report (continued)

to the Members of

W. Oliver (Exorna) Limited

Paul McKillop (Senior Statutory Auditor)

for and on behalf of MKP Accountants Ltd , Statutory Auditor

29/12/2025

MKP Accountants Ltd

42A-44A New Row

Coleraine

BT52 1AF

Page 8

Page 9

W. Oliver (Exorna) Limited

Profit and Loss Account

For The Year Ended 31 March 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	9,018,775	7,803,537
Cost of sales		(5,355,755 )	(4,601,314 )

GROSS PROFIT		3,663,020	3,202,223

Administrative expenses		(3,388,877 )	(2,984,620 )
Other operating income		65,050	53,800

OPERATING PROFIT	5	339,193	271,403
Profit on disposal of fixed assets		5,572	2,772
Interest payable and similar charges	10	(44,018 )	(21,690 )

PROFIT BEFORE TAXATION		300,747	252,485
Tax on Profit	11	(81,304 )	(71,508 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		219,443	180,977

The notes on pages 14 to 23 form part of these financial statements.

Page 9

Page 10

W. Oliver (Exorna) Limited

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: NI016697

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		4,002,063		3,951,728
Investment Properties	13		1,197,700		1,197,700

			5,199,763		5,149,428
CURRENT ASSETS
Stocks	14	959,185		948,162
Debtors	15	1,768,923		1,832,235
Cash at bank and in hand		162,148		37,997

		2,890,256		2,818,394
Creditors: Amounts Falling Due Within One Year	16	(1,529,094 )		(1,608,411 )

NET CURRENT ASSETS (LIABILITIES)			1,361,162		1,209,983

TOTAL ASSETS LESS CURRENT LIABILITIES			6,560,925		6,359,411

Creditors: Amounts Falling Due After More Than One Year	17		(390,670 )		(355,773 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	19		(813,334 )		(745,011 )

NET ASSETS			5,356,921		5,258,627

CAPITAL AND RESERVES
Called up share capital	21		772,000		773,000
Revaluation reserve			1,209,391		1,196,868
Capital redemption reserve			1,000		-
Profit and Loss Account			3,374,530		3,288,759

SHAREHOLDERS' FUNDS			5,356,921		5,258,627

Page 10

Page 11

W. Oliver (Exorna) Limited

Balance Sheet (continued)

As At 31 March 2025

On behalf of the board

Mr Richard Nixon

Director

29/12/2025

The notes on pages 14 to 23 form part of these financial statements.

Page 11

Page 12

W. Oliver (Exorna) Limited

Statement of Changes in Equity

For The Year Ended 31 March 2025

Statement of Changes in Equity

	Share Capital	Revaluation reserve	Capital Redemption	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 April 2023	773,000	1,196,868	-	3,194,929	5,164,797
Profit for the year and total comprehensive income	-	-	-	180,977	180,977

Dividends paid	-	-	-	(87,147)	(87,147)

As at 31 March 2024 and 1 April 2024	773,000	1,196,868	-	3,288,759	5,258,627


Profit for year	-	-	-	219,443	219,443

Surplus on revaluation	-	12,523	-	-	12,523

Other comprehensive income for the year	-	12,523	-	-	12,523

Total comprehensive income for the year	-	12,523	-	219,443	231,966

Dividends paid	-	-	-	(92,932)	(92,932)
Purchase of own shares	-	-	1,000	(40,740 )	(39,740)

As at 31 March 2025	772,000	1,209,391	1,000	3,374,530	5,356,921

Page 12

Page 13

W. Oliver (Exorna) Limited

Statement of Cash Flows

For The Year Ended 31 March 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	683,873	524,593
Interest paid		(44,018 )	(21,690 )

Net cash generated from operating activities		639,855	502,903

Cash flows from investing activities
Purchase of tangible assets		(143,669 )	(330,405 )
Proceeds from disposal of tangible assets		63,881	19,938

Net cash used in investing activities		(79,788 )	(310,467 )

Cash flows from financing activities
Purchase/redemption of own shares		(40,740 )	-
Equity dividends paid		(92,932 )	(87,147 )
Repayment of finance leases		(260,737 )	(173,990 )
Amount withdrawn by directors		(41,507)	(9,369)

Net cash used in financing activities		(435,916 )	(270,506 )



Increase/(decrease) in cash and cash equivalents		124,151	(78,070 )
Cash and cash equivalents at beginning of year	2	37,997	116,067

Cash and cash equivalents at end of year	2	162,148	37,997

Page 13

Page 14

W. Oliver (Exorna) Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	219,443	180,977
Adjustments for:
Tax on profit	81,304	71,508
Interest expense	44,018	21,690
Depreciation of tangible assets	290,175	226,109
Profit on disposal of tangible assets	(5,572)	(2,772)
Movements in working capital:
Increase in stocks	(11,023 )	(94,307 )
Decrease/(increase) in trade and other debtors	67,467	(196,121 )
(Decrease)/increase in trade and other creditors	(1,939 )	317,509

Net cash generated from operations	683,873	524,593

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	162,148	37,997

3. Analysis of changes in net debt

	As at 1 April 2024	Cash flows	New finance leases	As at 31 March 2025
	£	£	£	£
Cash at bank and in hand	37,997	124,151	-	162,148
Finance leases	(582,122)	260,737	(255,150)	(576,535)

	(544,125)	384,888	(255,150)	(414,387)

Page 14

Page 15

W. Oliver (Exorna) Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

W. Oliver (Exorna) Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI016697 . The registered office is Sperrin House, Ballycastle Road Industrial Estate, Coleraine, Co Londonderry, BT52 2EB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Going Concern Disclosure

The company's financial position during the year is good, with net assets of over £5m and a healthy order book. The main issues affecting the company going forward are the levels of turnover from the Social Housing Sector, the effect of interest rates on the New Build Housing Sector, and an increase in energy and employment costs.

After making enquires and carrying out a review of the next 12 months, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. With new revenue streams in place, the directors are confident that a drop in any one sector would not have a material effect on the profitability or cash position of the company.

Taking all matters into consideration, the directors consider that the company has sufficient cash and liquidity headroom to enable it to meet its obligations as they fall due for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% Straight Line
Plant & Machinery	10%-25% Reducing Balance/10% Straight Line
Motor Vehicles	20% / 25% Reducing Balance
Fixtures & Fittings	20% Straight Line

Page 15

Page 16

W. Oliver (Exorna) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.9. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Page 16

Page 17

W. Oliver (Exorna) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Sale of goods and services	9,018,775	7,803,537

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	9,018,775	7,803,537

	9,018,775	7,803,537

4. Other Operating Income

	2025	2024
	£	£
Rental income	65,050	53,800

	65,050	53,800

Page 17

Page 18

W. Oliver (Exorna) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	290,175	226,109

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	6,500	5,200


Other Services
Taxation compliance service	1,000	900
Other taxation advisory services	1,000	-

	2,000	900

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	2,096,937	1,701,735
Social security costs	177,796	145,263
Other pension costs	80,861	77,345

	2,355,594	1,924,343

8. Average Number of Employees

Average number of employees, including directors, during the year was: 75 (2024: 68)

Page 18

Page 19

W. Oliver (Exorna) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	186,660	200,133
Company contributions to money purchase pension schemes	26,703	35,065

	213,363	235,198

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	53,785	61,632
Company contributions to money purchase pension schemes	1,680	4,106

	55,465	65,738

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Finance charges payable under finance leases and hire purchase contracts	44,000	21,690
Foreign exchange charges	18	-

	44,018	21,690

11. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	458	-
Deferred Tax
Origination and reversal of timing differences			80,846	71,508


Total tax charge for the period			81,304	71,508


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			300,747	252,485

Tax on profit at 25% (UK standard rate)			75,187	63,121

...CONTINUED

Page 19

Page 20

W. Oliver (Exorna) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Expenses not deductible for tax purposes	-	2,125
Tax losses utilised	(61,663 )	-
Capital allowances	(12,958 )	(97,625 )
Short term timing differences	80,845	71,508
Difference in tax rates	(107 )	-
Deferred tax from unrecognised tax loss or credit	-	32,379

Total tax charge for the period	81,304	71,508

12. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost or Valuation
As at 1 April 2024	2,379,392	3,323,891	86,382	210,797	6,000,462
Additions	-	329,906	-	68,912	398,818
Disposals	-	(74,147 )	(45,534 )	-	(119,681 )

As at 31 March 2025	2,379,392	3,579,650	40,848	279,709	6,279,599

Depreciation
As at 1 April 2024	102,138	1,726,502	32,853	187,241	2,048,734
Provided during the period	25,046	232,977	8,090	24,061	290,174
Disposals	-	(38,380 )	(22,992 )	-	(61,372 )

As at 31 March 2025	127,184	1,921,099	17,951	211,302	2,277,536

Net Book Value
As at 31 March 2025	2,252,208	1,658,551	22,897	68,407	4,002,063

As at 1 April 2024	2,277,254	1,597,389	53,529	23,556	3,951,728

The company's premises at Hillman's Way, Coleraine were revalued in August 2023 on the basis of open market value by Bensons commercial property valuers. The directors consider that there is no material difference in the value of the property at August 2023 and the value as per the Balance Sheet at the 31st March 2025

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	942,150	772,282

Page 20

Page 21

W. Oliver (Exorna) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

13. Investment Property

	2025
	£
Fair Value
As at 1 April 2024 and 31 March 2025	1,197,700

14. Stocks

	2025	2024
	£	£
Stock	718,710	743,277
Work in progress	240,475	204,885

	959,185	948,162

15. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,167,690	1,407,669
Prepayments and accrued income	137,283	139,632
Other debtors	117,175	-
Directors' loan accounts	4,155	-
Amounts owed by associates	342,620	284,934

	1,768,923	1,832,235

16. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	185,865	226,349
Trade creditors	734,679	853,625
Amounts owed to participating interests	18,085	5,444
Other creditors	52,083	70,284
Corporation tax	458	-
Taxation and social security	118,406	149,452
Accruals and deferred income	419,518	303,257

	1,529,094	1,608,411

17. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	390,670	355,773

Page 21

Page 22

W. Oliver (Exorna) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

18. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	185,865	226,349
Later than one year and not later than five years	390,670	355,773

	576,535	582,122

	576,535	582,122

19. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	813,334	745,011

The deferred tax balance included within other timing differences comprises £246,435 (2024: £258,958) in respect of timing differences arising on the revaluation of the company's trading premises. The movement in the year of £(12,523) represents the decrease in the deferred tax provision on the revaluation of the property.

20. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 April 2024	745,011	745,011
Additions	68,323	68,323

Balance at 31 March 2025	813,334	813,334

21. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
20,000 Ordinary A shares of £ 1.000 each	20,000	20,000
2,000 Ordinary B shares of £ 1.000 each	2,000	3,000

	22,000	23,000

Preference Shares

	2025	2024
Allotted, called up and fully paid	£	£
750,000 Preference Shares of £ 1.000 each	750,000	750,000

Page 22

Page 23

W. Oliver (Exorna) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

22. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to profit or loss in respect of defined contribution schemes was £80,861 (2024: £77,345).

At the balance sheet date £15,372 of contributions were due to the fund.

23. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	92,932	87,147

24. Related Party Disclosures

Other related parties

During the year the company had made sales with the value of £166,996 and purchases to the value of £910,669 with companies which are under common control.

The company also made loans to associated companies during the period totalling £46,359.

The outstanding balances owed by these companies at the end of the year was £324,535 (2023: £279,489)

25. Controlling Parties

The company's ultimate controlling parties are William, Margaret and Andrew Oliver by virtue of their interest in the share capital of the company.

Page 23