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Registered number: 00359028
Jacob Beatus Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2025
Jacob Beatus Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1
Directors' Report | 2
Independent Auditor's Report | 3—5
Profit and Loss Account | 6
Statement of Comprehensive Income | 7
Balance Sheet | 8
Statement of Changes in Equity | 9
Statement of Cash Flows | 10
Notes to the Statement of Cash Flows | 11
Notes to the Financial Statements | 12—21

Page 1
Jacob Beatus Limited
Strategic Report
For The Year Ended 30 June 2025
Strategic Report
The directors present their strategic report for the year ended 30 June 2025.
Review of the Business
The Company has continued to strengthen its operational performance through sustained investment in plant, machinery, and process improvement. These investments have enhanced production efficiency and supported increased capacity, ensuring that resources are optimised to meet customer demand across a diverse and resilient client base.
Ongoing initiatives in workflow optimisation, waste reduction, and production planning have further improved productivity, aligning with strategic objectives and maintaining consistent progress against internal benchmarks.
Workforce development and succession planning remain part of the Company’s broader commitment to maintaining operational capability, with training programmes continuing as part of regular business activity.
Quarterly management reviews, supported by detailed Key Performance Indicator (KPI) tracking, provide continual oversight of business performance. This structured approach enables data-driven decision-making, efficient resource allocation, and reinforces a culture of continuous improvement across all departments.
Through these combined efforts, the Company remains well positioned to sustain growth, uphold quality standards, and deliver ongoing value to its customers and stakeholders.
The Company’s key financial and operational performance indicators are reviewed regularly by management to assess progress against strategic goals. These include measures such as turnover, gross margin, productivity rates, contribution per hour, and on-time delivery performance. These metrics provide insight into both financial stability and operational efficiency, supporting ongoing decision-making and ensuring continued alignment with long-term objectives.
The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover | £ | 6,432,386 | 6,425,466
EBITDA | £ | 438,328 | 345,060
Net current assets | £ | 2,458,980 | 2,314,508

Principal Risks and Uncertainties
On behalf of the board

Mr C Stinchcombe Director
27 November 2025

Page 1
Page 2
Jacob Beatus Limited
Company No. 00359028
Directors' Report For The Year Ended 30 June 2025
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2025.
Principal Activity
The company's principal activity continues to be that of Lithographic Printers & Carton packaging manufacturers.
Directors
The directors who held office during the year were as follows:

Mr C Beatus | Resigned | 13/08/2025
Mr C Stinchcombe
Mr P Stinchcombe

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.
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, HSJ Audit Limited, 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 C Stinchcombe Director
27 November 2025

Page 2
Page 3
Independent Auditor's Report
to the Members of
Jacob Beatus Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Jacob Beatus Limited for the year ended 30 June 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, 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 30 June 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 3
Page 4
Independent Auditor's Report (continued)
to the Members of
Jacob Beatus 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 2, 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.
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.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.
We communicated identified fraud risks throughout the engagement team and remained alert throughout the engagement process for any indications of fraud.
As required by the auditing standards, we identify and assess the risk of material misstatement of financial statements, whether due to fraud or error, in particular revenue recognition and management override of control. We design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations;

- Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual account combinations;

- Assessing whether revenue has been accounted for in the correct period and the existence of revenue at the cut off date based on the adopted accounting policy for revenue.

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 regulations. This risk increases the more than 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 of not detecting a material misstatement resulting from fraud is higher than for one result from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of an internal control.
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.
Page 4
Page 5
Independent Auditor's Report (continued)
to the Members of
Jacob Beatus Limited
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.

Andrew Hill (Senior Statutory Auditor) for and on behalf of HSJ Audit Limited , Statutory Auditor
5 December 2025
HSJ Audit Limited Severn House Hazell Drive Newport NP10 8FY

Page 5
Page 6
Jacob Beatus Limited
Profit and Loss Account
For The Year Ended 30 June 2025
Profit and Loss Account

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER |  | 6,432,386 |  | 6,425,466
Cost of sales |  | (5,127,760 ) |  | (5,288,687 )
GROSS PROFIT |  | 1,304,626 |  | 1,136,779
Distribution costs |  | (442,886 ) |  | (416,844 )
Administrative expenses |  | (705,206 ) |  | (702,876 )
OPERATING PROFIT | 3 | 156,534 |  | 17,059
Other interest receivable and similar income | 8 | 9,186 |  | 7,055
Interest payable and similar charges | 9 | (90,771 ) |  | (104,914 )
PROFIT/(LOSS) BEFORE TAXATION |  | 74,949 |  | (80,800 )
Tax on Profit/(loss) | 10 | 20,440 |  | 122,079
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |  | 95,389 |  | 41,279

The notes on pages 11 to 21 form part of these financial statements.
Page 6
Page 7
Jacob Beatus Limited
Statement of Comprehensive Income
For The Year Ended 30 June 2025
Statement of Comprehensive Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
PROFIT FOR THE FINANCIAL YEAR |  | 95,389 |  | 41,279
OTHER COMPREHENSIVE INCOME:
Gain on revaluation of property, plant and equipment |  | 480 |  | 419,730
Loss on remeasurement of defined benefit plans |  | (233,250 ) |  | -
Transfer of realised surplus from revaluation reserve |  | (7,066 ) |  | (7,066 )
P&L reserve - Transfer of realised revaluation profits |  | 7,066 |  | 7,066
Remeasurement gain/loss on defined benefit pension schemes |  | - |  | 253,500
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | (137,381 ) |  | 714,509

Page 7
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Jacob Beatus Limited
Balance Sheet
As At 30 June 2025
Balance Sheet
Registered number: 00359028

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 11 |  | 4,350,194 |  | 4,602,387
|  |  | 4,350,194 |  | 4,602,387
CURRENT ASSETS
Stocks | 12 | 434,727 |  | 284,744 |
Debtors | 13 | 2,596,385 |  | 2,378,155 |
Cash at bank and in hand |  | 332,890 |  | 453,487 |
|  | 3,364,002 |  | 3,116,386 |
Creditors: Amounts Falling Due Within One Year | 14 | (905,022 ) |  | (801,878 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 2,458,980 |  | 2,314,508
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 6,809,174 |  | 6,916,895
Creditors: Amounts Falling Due After More Than One Year | 15 |  | (2,023,817 ) |  | (2,206,487 )
PROVISIONS FOR LIABILITIES
Provisions For Charges | 17 |  | 360,750 |  | 594,000
Deferred Taxation | 16 |  | (236,713 ) |  | (257,633 )
NET ASSETS |  |  | 4,909,394 |  | 5,046,775
CAPITAL AND RESERVES
Called up share capital | 18 |  | 40,000 |  | 40,000
Revaluation reserve |  |  | 594,879 |  | 601,465
Other reserves |  |  | 552,169 |  | 642,940
Profit and Loss Account |  |  | 3,722,346 |  | 3,762,370
SHAREHOLDERS' FUNDS |  |  | 4,909,394 |  | 5,046,775

On behalf of the board

Mr C Stinchcombe Director
27 November 2025

The notes on pages 11 to 21 form part of these financial statements.
Page 8
Page 9
Jacob Beatus Limited
Statement of Changes in Equity
For The Year Ended 30 June 2025
Statement of Changes in Equity

| Share Capital | Revaluation reserve | Other reserves | Profit and Loss Account | Total
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
As at 1 July 2023 | 40,000 | 188,801 | 747,854 | 3,355,611 | 4,332,266
Profit for year | - | - | - | 41,279 | 41,279
Surplus on revaluation | - | 419,730 | - | - | 419,730
Actuarial gain/loss in the period | - | - | - | 338,000 | 338,000
Deferred tax movement on actuarial gain/loss in the period | - | - | - | (84,500) | (84,500)
Other comprehensive income for the year | - | 419,730 | - | 253,500 | 673,230
Total comprehensive income for the year | - | 419,730 | - | 294,779 | 714,509
Transfer to/from Other Reserves | - | - | - | 104,914 | 104,914
Transfer from revaluation reserve | - | - | - | 7,066 | 7,066
Transfer to/from Profit & Loss Account | - | (7,066 ) | (104,914 ) | - | (111,980)
As at 30 June 2024 and 1 July 2024 | 40,000 | 601,465 | 642,940 | 3,762,370 | 5,046,775
Profit for year | - | - | - | 95,389 | 95,389
Surplus on revaluation | - | 480 | - | - | 480
Actuarial gain/loss in the period | - | - | - | (311,000) | (311,000)
Deferred tax movement on actuarial gain/loss in the period | - | - | - | 77,750 | 77,750
Other comprehensive income for the year | - | 480 | - | (233,250 ) | (232,770 )
Total comprehensive income for the year | - | 480 | - | (137,861 ) | (137,381)
Transfer to/from Other Reserves | - | - | - | 90,771 | 90,771
Transfer from revaluation reserve | - | - | - | 7,066 | 7,066
Transfer to/from Profit & Loss Account | - | (7,066 ) | (90,771 ) | - | (97,837)
As at 30 June 2025 | 40,000 | 594,879 | 552,169 | 3,722,346 | 4,909,394

Page 9
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Jacob Beatus Limited
Statement of Cash Flows
For The Year Ended 30 June 2025
Statement of Cash Flows

| 2025 |  | 2024
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 260,107 |  | 569,568
Interest paid |  | (90,771 ) |  | (104,914 )
Net cash generated from operating activities |  | 169,336 |  | 464,654
Cash flows from investing activities
Purchase of tangible assets |  | (29,602 ) |  | (55,845 )
Proceeds from disposal of tangible assets |  | 3,924 |  | 3,000
Grants refunded |  | (13,441 ) |  | -
Interest received |  | 9,186 |  | 7,055
Net cash used in investing activities |  | (29,933 ) |  | (45,790 )
Cash flows from financing activities
Amount withdrawn by directors |  | (260,000) |  | (260,000)
(Decrease)/increase in cash and cash equivalents |  | (120,597 ) |  | 158,864
Cash and cash equivalents at beginning of year | 2 | 453,487 |  | 294,623
Cash and cash equivalents at end of year | 2 | 332,890 |  | 453,487

Page 10
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Jacob Beatus Limited
Notes to the Statement of Cash Flows
For The Year Ended 30 June 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 | 95,389 |  | 41,279
Adjustments for:
Tax on profit | (20,440 ) |  | (122,079 )
Interest expense | 90,771 |  | 104,914
Interest income | (9,186 ) |  | (7,055 )
Depreciation of tangible assets | 277,871 |  | 328,698
Loss on disposal of tangible assets | - |  | 696
Grant income | 11,940 |  | 5,184
Movements in working capital:
(Increase)/decrease in stocks | (149,983 ) |  | 115,454
(Increase)/decrease in trade and other debtors | (218,230 ) |  | 32,300
Increase in trade and other creditors | 181,975 |  | 70,177
Net cash generated from operations | 260,107 |  | 569,568

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 | 332,890 |  | 453,487

3. Analysis of changes in net funds

| As at 1 July 2024 | Cash flows | As at 30 June 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 453,487 | (120,597) | 332,890

Page 11
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Jacob Beatus Limited
Notes to the Financial Statements
For The Year Ended 30 June 2025
Notes to the Financial Statements
1. General Information
Jacob Beatus Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00359028 . The registered office is North Road, Porth, Rhondda, Mid-Glam, CF39 9SP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applies in the preparation of these financial statements are set out below. These policies have been consistently applies to all the years presended, unless otherwise stated.
Statement of Compliance
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.
Basis of Preperation
These financial statements have been prepared using the historical cost convention exempt that as disclosed in the accounting policies certain items are shown at fair value.
2.2. Significant judgements and estimations
As at the balance sheet date the company owed a Director £2,635,000 in respect of an interest free loan. this loan has been re-stated to net present value using a discount rate of 4.25% which has been calculated using the rate histroically charged on this loan and wider market interest rates. The net impact of this estimate is an adjustment to the closing net present value of the loan at the balance sheet date. The carrying amount £552,169 (2024: £642,940).
2.3. Turnover
Turnover comprises the fair value of the consideration receivable for the sale of goods and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of Value Added Tax, goods returned, and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
2.4. Tangible Fixed Assets and Depreciation
Freehold land and buildings are carried at fair value, being their revalued amount, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Other tangible assets including motor vehicles and other property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of other tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Freehold | buildings at 2% straight line
Plant & Machinery | 2% straight line or 10% reducing balance
Motor Vehicles | 20% reducing balance

2.5. Stocks and Work in Progress
Stocks are stated at the lower of cost and value-in-use within the business. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its value-in-use within the business; the impairment loss is recognised immediately in profit or loss.
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Jacob Beatus Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.6. 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.
2.7. Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
2.8. Pensions
Defined benefit pension obligation
The company sponsors a defined benefit pension scheme on behalf of its employees, namely The Jacob Beatus Pension and Life Assurance Scheme, (the Scheme).
The Scheme is administered separately from its sponsoring company, with its assets invested in a With Profit Deferred Annuity Policy issued by an independent provider.
The Scheme is valued by an independent actuary appointed by its Trustees.
The net pension asset recognised in the balance sheet represents the pension scheme surplus, being the fair value of the Scheme assets less the present value of the Scheme liabilities.
The method employed by the Actuary in calculating the Scheme liabilities is the projected unit method, which involves rolling forward the valuation liabilities from the last full Actuarial Valuation on 15 November 2021; in valuing the Scheme assets, their expected future cash flows are valued using the same assumptions as for liabilities and ignoring future bonuses.
Increases or decreases in the Scheme surplus are termed actuarial gains and losses, and are charged or credited to other comprehensive income in the period in which they arise.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
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Jacob Beatus Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.10.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services provided in the ordinary course of business.
Trade debtors are recognised initially at the transaction price, being the invoiced value of the services provided. Should the normal terms of business be exceeded, they are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the contract terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price, being the invoiced value of the goods or services provided, and subsequently measured at amortised cost using the effective interest method, should the normal terms of business be exceeded.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability or as a payment in the financial statements in the reporting period in which the dividends are declared.
3. Operating Profit
The operating profit is stated after charging:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bad debts | - |  | 9,582
Depreciation of tangible fixed assets | 277,871 |  | 328,698

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Jacob Beatus Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
4. 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 | 5,975 |  | 5,765
Other Services
Other non-audit services | 2,193 |  | 1,900

5. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 1,849,149 |  | 1,701,093
Social security costs | 197,899 |  | 167,287
Other pension costs | 58,798 |  | 51,080
| 2,105,846 |  | 1,919,460

6. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
Management and administration | 16 |  | 17
Production | 39 |  | 35
| 55 |  | 52

7. Directors' remuneration

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 256,270 |  | 229,205

Information regarding the highest paid director was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 175,354 |  | -

8. Interest Receivable and Similar Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 9,186 |  | 7,055

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Jacob Beatus Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
9. Interest Payable and Similar Charges

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other finance charges | 90,771 |  | 104,914

10. Tax on Profit

The tax credit on the profit/(loss) for the year was as follows:
| Tax Rate | 2025 |  | 2024
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 19.0% | - |  | -
Prior period adjustment | - |  | (5,776 )
| - |  | (5,776 )
Deferred Tax
Origination and reversal of timing differences | (20,440 ) |  | (116,303 )
Total tax charge for the period | (20,440 ) |  | (122,079 )
The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit/(loss) and the standard rate of corporation tax as follows:
| 2025 |  | 2024
| £ |  | £
Profit before tax | 74,949 |  | (80,800)
Tax on profit at 25% (UK standard rate) | 18,737 |  | -
Tax losses utilised | (18,737 ) |  | -
Prior period adjustment | - |  | (5,776 )
Deferred tax from unrecognised tax loss or credit | (20,440 ) |  | (116,303 )
Total tax charge for the period | (20,440) |  | (122,079)

11. Tangible Assets

| Land & Property
--- | ---
| Freehold | Plant & Machinery | Motor Vehicles | Total
| £ | £ | £ | £
Cost or Valuation
As at 1 July 2024 | 2,497,977 | 8,890,840 | 28,220 | 11,417,037
Additions | - | 29,602 | - | 29,602
Disposals | - | (52,483 ) | (11,040 ) | (63,523 )
As at 30 June 2025 | 2,497,977 | 8,867,959 | 17,180 | 11,383,116

...CONTINUED
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Jacob Beatus Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025

Depreciation
As at 1 July 2024 | 493,110 | 6,298,055 | 23,485 | 6,814,650
Provided during the period | 15,818 | 261,476 | 577 | 277,871
Disposals | - | (50,411 ) | (9,188 ) | (59,599 )
As at 30 June 2025 | 508,928 | 6,509,120 | 14,874 | 7,032,922
Net Book Value
As at 30 June 2025 | 1,989,049 | 2,358,839 | 2,306 | 4,350,194
As at 1 July 2024 | 2,004,867 | 2,592,785 | 4,735 | 4,602,387

Included within the net book value of land and buildings above is £1,387,934 (2024 - £1,395,000) in respect of freehold land and buildings.
Revaluation
The fair value of the company's Freehold land and buildings was revalued on 18 January 2023 by an independent valuer. The method applied was open market value without change of use. The directors believe that the land and buildings are stated at a fair value at the balance sheet date.
12. Stocks

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Stock | 434,727 |  | 284,744

The cost of stocks recognised as an expense in the year amounted to £2,754,068 (2024: £3,043,684).
13. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 1,437,118 |  | 1,332,036
Other debtors | 1,159,267 |  | 1,046,119
| 2,596,385 |  | 2,378,155

14. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 616,954 |  | 471,940
Other creditors | 139,051 |  | 139,051
Taxation and social security | 131,530 |  | 174,914
Accruals and deferred income | 17,487 |  | 15,973
| 905,022 |  | 801,878

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

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other creditors | 2,023,817 |  | 2,206,487

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Jacob Beatus Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
16. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other timing differences | 236,713 |  | 257,633

17. Provisions for Liabilities

| Deferred Tax | Other Provisions | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 July 2024 | 257,633 | (594,000 ) | (336,367)
Utilised | (20,440 ) | 233,250 | 212,810
Reversals | (480 ) | - | (480)
Balance at 30 June 2025 | 236,713 | (360,750 ) | (124,037)

18. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
40,000 Ordinary Shares of £ 1.00 each | 40,000 |  | 40,000

19. Pension Commitments
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £27,191 (2024 - £25,725).
Defined benefit pension schemes
Jacob Beatus Ltd Pension & Life Assurance Scheme
The company sponsors the Jacob Beatus Pension & Life Assurance Scheme, a funded defined benefit pension scheme in the UK.
Active members of the scheme pay contributions at the rate of 3% of salary and the company pays the balance of the cost as determined by regular actuarial valuations. The Trustees are required to use prudent assumptions to value the liabilities and costs of the scheme whereas the accounting assumptions must be best estimates.
The date of the most recent comprehensive actuarial valuation was 15 November 2021. The results of that valuation have been projected to 30 June 2025 using the assumptions set out below. The figures in the following disclosure were measured using the Projected Unit Method.
The total cost relating to defined benefit schemes for the year recognised in profit or loss as an expense was £128,000 (2024 - £44,000).
The total cost relating to defined benefit schemes for the year included in the cost of an asset was £183,000 (2024 - (£382,000)).
...CONTINUED
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Jacob Beatus Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
19. Pension Commitments - continued
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the balance sheet are as follows:

| 2025 |  | 2024
| £ |  | £
Fair value of scheme assets | 8,934,000 |  | 10,786,000
Present value of defined benefit obligation | (8,453,000) |  | (9,072,000)
| 481,000 |  | 1,714,000
Effects of asset ceiling | - |  | (922,000)
Defined benefit pension scheme surplus | 481,000 |  | 792,000

Defined benefit obligation
Changes in the defined benefit obligation are as follows

|  | 2025
|  | £
Present value at start of year |  | (9,072,000)
Current service cost |  | (72,000)
Interest expense |  | (460,000)
Actuarial gain/(loss) |  | 580,000
Benefits paid |  | 586,000
Contributions by employees |  | (15,000)
Present value at end of year |  | (8,453,000)

Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:

|  | 2025
|  | £
Fair value at start of year |  | 10,786,000
Interest income |  | 547,000
Return on assets (excluding amount included in net interest expense) |  | (1,733,000)
Actuarial gains and losses |  | (95,000)
Contributions from employees |  | 15,000
Benefits paid |  | (586,000)
Fair value at end of year |  | 8,934,000

...CONTINUED
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Jacob Beatus Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
19. Pension Commitments - continued
Analysis of assets
The major categories of scheme assets are as follows

| 2025 |  | 2024
| % |  | %
Equities | 18 |  | 24
Corproates | 9 |  | 12
Property | 6 |  | 8
Immediate annuities | 62 |  | 49
Fixed interest and cash | 2 |  | 3
Gilts | 3 |  | 4
Alternatives | - |  | -
| 100 |  | 100

The amounts recognised in comprehensive income are:
The current and past service costs, settlements and curtailments, together with the net interest expense for the year are included in profit or loss.
Remeasurement of the net defined benefit liability are included in other comprehensive income.

Service Cost | 2025 |  | 2024
| £ |  | £
Current service cost (net of employee contributions) | 72,000 |  | 47,000
Non-investment related expenses met from scheme assets | 95,000 |  | 20,000
Net interest credit | (39,000) |  | (23,000)
Charge recognised in profit or loss | 128,000 |  | 44,000

Remeasurements of the net liability: | 2025 |  | 2024
| £ |  | £
Return on scheme assets (excluding amount included in net interest credit) | 1,733,000 |  | (1,622,000)
Actuarial losses | (580,000) |  | 318,000
Effect of the asset ceiling | (970,000) |  | 922,000
Credit recorded in other comprehensive income | 183,000 |  | (382,000)
Total defined benefit cost / (credit) | 183,000 |  | (382,000)

Return on scheme assets

| 2025 |  | 2024
| £ |  | £
Return on scheme assets | (1,186,000) |  | 2,094,000

The return on scheme assets includes interest income of £547,000 (2024 - £472,000).
...CONTINUED
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Page 21
Jacob Beatus Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
19. Pension Commitments - continued
The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.
Principal actuarial assumptions
The principal actuarial assumptions at the balance sheet date are as follows:

| 2025 |  | 2024
| % |  | %
Discount rate | 5.70 |  | 5.20
Retail Price Inflation | 3.00 |  | 3.20
CPI - Pre 2030 | 2.10 |  | 2.30
CPI - Post 2030 | 2.90 |  | 3.10
Salary growth - Pre 2030 | 2.10 |  | 2.30
Salary growth - Post 2030 | 2.90 |  | 3.10
Pension in excess of GMP earned before 6/4/09 - Pre 2030 | 2.10 |  | 2.30
Pension in excess of GMP earned before 6/4/09 - Post 2030 | 2.90 |  | 3.10
Price inflation volatility (used in Black-Scholes model) | 1.50 |  | 1.50
GMP earned on or after 6/4/88 | 0.00 |  | 2.50
Pension earned between 6/4/97 and 5/4/06 | 2.90 |  | 3.10
Pension earned on or after 6/4/06 | 2.10 |  | 2.20
Working Directors | 5.0 |  | 5.0

Post retirement mortality assumptions

| 2025 |  | 2024
| Years |  | Years
Current UK pensioners at retirement age - male | 86.8 |  | 87.0
Current UK pensioners at retirement age - female | 88.8 |  | 89.0
Future UK pensioners at retirement age - male | 88.1 |  | 88.0
Future UK pensioners at retirement age - female | 90.0 |  | 90.0

20. Related Party Disclosures
Key management personnel
Relationship: Director
Summary of transactions with key management
The director provided the company with loan funding to purchase new plant and machinery in 2018. This loan is unsecured and had an interest rate of 5% payable monthly to the director until January 2019. Subsequent to this date the loan has been deemed to be interest free.
The interest paid to the director during the year was £NIL (2024: £NIL). At the balance sheet date the amount due to the director from the company, excluding fair value adjustments, was £2,635,000 (2024: £2,895,000).
The loan is deemed to be repayable over the useful economic life of the asset to which it relates.
Page 21