REGISTERED NUMBER: 07217724 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 April 2025

for

Frazer & Tabberer Group Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

D J Frazer

N C Shaw

REGISTERED OFFICE:

Unit 6B Eastern Park

Eastern Avenue

Lichfield

Staffordshire

WS13 7SY

REGISTERED NUMBER:

07217724 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susanna D Ault FCCA ACA

AUDITORS:

Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

On 1 May 2024, the internal divisions of FT Pipeline Systems Ltd , FT Ductile, FT Gas Control Systems and FT Water Treatment, were transferred to separate companies to facilitate the continued growth of the group.

Key performance indicators for the group results are:

Turnover - £19,536,567 (2024: £32,480,083)

Gross profit - £5,550,253 (2024: £4,579,661)

Gross profit margin - 28% (2024: 14%)

Net profit before tax - £1,887,305 (2024 :£1,339,981)

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a high priority for the company.

SECTION 172(1) STATEMENT

The Board of Directors confirm it has performed its duties in respect of section 172 of the Companies act 2006.

Specifically, the Board has considered long term factors that affect the Company's strategic directions.

The Board has engaged with its stakeholders, which assist the board in its decision-making process and in fulfilling its duty to promote the success of the Group as set out in Section 172

The Board has fulfilled their duties as follows:

On an ongoing basis, the board assess the major risks affecting the Group and develop appropriate responses to address those risks in an efficient and affective manner. This is taken into consideration when setting goals, budgets and forecasting financial performance. This ensures that the Group understands the financial impact of these risks and can respond to them on a timely basis.

Employees are a key to Frazer & Tabberer Group's success. The Group engages with employees on a regular basis. Supervisor, Manager and Director meetings are held to cover a range of topics such as Health & Safety, financial performance, training and compliance. The group monitors staff turnover and performance to understand staff progression within the business.

The Group invests in the future of the business and has a successful mentoring plan to encourage young people into the Group.

Frazer & Tabberer Group Ltd aims to exceed its customers' expectations. We do this through communication and building strong business relationships with our clients. We further promote Frazer & Tabberer Group Ltd closely with our suppliers and our local communities. We understand our responsibility with our community and work hard to show how important that relationship is to the Group.

ON BEHALF OF THE BOARD:

D J Frazer - Director

9 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2025.

DIVIDENDS

An interim dividend of £2083.50 per share was paid on 30 April 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2025 will be £ 208,350 .

DIRECTORS

D J Frazer has held office during the whole of the period from 1 May 2024 to the date of this report.

Other changes in directors holding office are as follows:

N C Shaw - appointed 5 March 2025

POLITICAL DONATIONS AND EXPENDITURE

No donations were made to political organisations in the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D J Frazer - Director

9 December 2025

Opinion

We have audited the financial statements of Frazer & Tabberer Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2025 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Susanna D Ault FCCA ACA (Senior Statutory Auditor)

for and on behalf of Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

9 December 2025

TURNOVER

19,536,567

32,480,083

Cost of sales

(13,986,314

)

(27,900,422

)

GROSS PROFIT

5,550,253

4,579,661

Administrative expenses

(3,626,108

)

(3,166,076

)

OPERATING PROFIT

4

1,924,145

1,413,585

Interest receivable and similar income

137

-

1,924,282

1,413,585

Interest payable and similar expenses

5

(36,977

)

(73,604

)

PROFIT BEFORE TAXATION

1,887,305

1,339,981

Tax on profit

6

(560,916

)

(373,355

)

PROFIT FOR THE FINANCIAL YEAR

1,326,389

966,626

Profit attributable to:

Owners of the parent

1,072,255

862,239

Non-controlling interests

254,134

104,387

1,326,389

966,626

PROFIT FOR THE YEAR

1,326,389

966,626

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,326,389

966,626

Total comprehensive income attributable to:

Owners of the parent

1,131,255

965,155

Non-controlling interests

195,134

1,471

1,326,389

966,626

FIXED ASSETS

Tangible assets

9

116,500

110,143

Investments

10

-

-

116,500

110,143

CURRENT ASSETS

Stocks

11

1,717,633

1,552,205

Debtors

12

2,648,005

4,014,118

Cash at bank and in hand

2,383,054

175,571

6,748,692

5,741,894

CREDITORS

Amounts falling due within one year

13

(3,272,658

)

(3,169,874

)

NET CURRENT ASSETS

3,476,034

2,572,020

TOTAL ASSETS LESS CURRENT LIABILITIES

3,592,534

2,682,163

CREDITORS

Amounts falling due after more than one year

14

(90,382

)

(238,184

)

PROVISIONS FOR LIABILITIES

18

(23,030

)

(23,372

)

NET ASSETS

3,479,122

2,420,607

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

3,255,970

2,392,065

SHAREHOLDERS' FUNDS

3,256,070

2,392,165

NON-CONTROLLING INTERESTS

21

223,052

28,442

TOTAL EQUITY

3,479,122

2,420,607

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

D J Frazer - Director

FIXED ASSETS

Tangible assets

9

18,792

-

Investments

10

201,081

200,985

219,873

200,985

CURRENT ASSETS

Debtors

12

827,538

362

Cash at bank

86,079

20

913,617

382

CREDITORS

Amounts falling due within one year

13

(1,007,703

)

(209

)

NET CURRENT (LIABILITIES)/ASSETS

(94,086

)

173

TOTAL ASSETS LESS CURRENT LIABILITIES

125,787

201,158

PROVISIONS FOR LIABILITIES

18

(472

)

-

NET ASSETS

125,315

201,158

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

125,215

201,058

SHAREHOLDERS' FUNDS

125,315

201,158

Company's profit for the financial year

132,507

180,000

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 9 December 2025 and were signed on its behalf by:

D J Frazer - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 May 2023

100

1,623,826

1,623,926

26,971

1,650,897

Changes in equity

Dividends

-

(94,000

)

(94,000

)

-

(94,000

)

Total comprehensive income

-

862,239

862,239

1,471

863,710

Balance at 30 April 2024

100

2,392,065

2,392,165

28,442

2,420,607

Changes in equity

Dividends

-

(208,350

)

(208,350

)

-

(208,350

)

Total comprehensive income

-

1,072,255

1,072,255

195,134

1,267,389

Balance at 30 April 2025

100

3,255,970

3,256,070

223,576

3,479,646

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2023

100

115,058

115,158

Changes in equity

Dividends

-

(94,000

)

(94,000

)

Total comprehensive income

-

180,000

180,000

Balance at 30 April 2024

100

201,058

201,158

Changes in equity

Dividends

-

(208,350

)

(208,350

)

Total comprehensive income

-

132,507

132,507

Balance at 30 April 2025

100

125,215

125,315

Cash flows from operating activities

Cash generated from operations

1

3,158,859

681,283

Interest paid

(28,024

)

(69,237

)

Interest element of hire purchase payments paid

(8,953

)

(4,367

)

Tax paid

(349,983

)

(90,177

)

Net cash from operating activities

2,771,899

517,502

Cash flows from investing activities

Purchase of tangible fixed assets

(94,354

)

-

Purchase of fixed asset investments

-

(96

)

Sale of tangible fixed assets

28,115

-

Interest received

137

-

Net cash from investing activities

(66,102

)

(96

)

Cash flows from financing activities

Loan repayments in year

(166,969

)

(134,943

)

Capital repayments in year

17,317

(20,064

)

Amount introduced by directors

-

(9,065

)

Amount withdrawn by directors

-

(16,593

)

Payments to minority interests

(59,000

)

(103,020

)

Equity dividends paid

(208,350

)

(94,000

)

Net cash from financing activities

(417,002

)

(377,685

)

Increase in cash and cash equivalents

2,288,795

139,721

Cash and cash equivalents at beginning of year

2

94,259

(45,462

)

Cash and cash equivalents at end of year

2

2,383,054

94,259

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

2025

2024

£

£

Profit before taxation

1,887,305

1,339,981

Depreciation charges

38,163

53,139

Loss on disposal of fixed assets

21,720

-

Finance costs

36,977

73,604

Finance income

(137

)

-

1,984,028

1,466,724

(Increase)/decrease in stocks

(165,428

)

26,103

Decrease in trade and other debtors

1,366,113

1,671,193

Decrease in trade and other creditors

(25,854

)

(2,482,737

)

Cash generated from operations

3,158,859

681,283

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 30 April 2025

30/4/25

1/5/24

£

£

Cash and cash equivalents

2,383,054

175,571

Bank overdrafts

-

(81,312

)

2,383,054

94,259

Year ended 30 April 2024

30/4/24

1/5/23

£

£

Cash and cash equivalents

175,571

438,036

Bank overdrafts

(81,312

)

(483,498

)

94,259

(45,462

)

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

At 1/5/24

Cash flow

At 30/4/25

£

£

£

Net cash

Cash at bank and in hand

175,571

2,207,483

2,383,054

Bank overdrafts

(81,312

)

81,312

-

94,259

2,288,795

2,383,054

Debt

Finance leases

(53,278

)

(17,317

)

(70,595

)

Debts falling due within 1 year

(141,931

)

-

(141,931

)

Debts falling due after 1 year

(204,502

)

166,167

(38,335

)

(399,711

)

148,850

(250,861

)

Total

(305,452

)

2,437,645

2,132,193

1.	STATUTORY INFORMATION

Frazer & Tabberer Group 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.

Basis of consolidation

The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 30 April 2025. The acquisition method of accounting has been adopted, under this method, the results of the subsidiary undertakings acquired or disposed of in the year are included in the consolidation profit and loss account from the date of acquisition or up to the date of disposal.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance, 15% on cost and 10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on cost and 25% on reducing balance

Computer equipment

-

33% on cost and 33% 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 Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,648,794

1,099,243

Social security costs

270,223

98,208

Other pension costs

138,254

52,813

2,057,271

1,250,264

The average number of employees during the year was as follows:

2025

2024

Production & administration

30

20

Director

2

1

32

21

2025

2024

£

£

Directors' remuneration

91,342

55,000