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REGISTERED NUMBER: 01977248 (England and Wales)

| STRATEGIC REPORT,

| REPORT OF THE DIRECTORS AND

| FINANCIAL STATEMENTS

| FOR THE YEAR ENDED 30 MARCH 2025

| FOR

| YORKSHIRE PLYWOOD LIMITED

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 30 March 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Income Statement | 10 |

Other Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Cash Flow Statement | 14 |

Notes to the Cash Flow Statement | 15 |

Notes to the Financial Statements | 17 |

YORKSHIRE PLYWOOD LIMITED

COMPANY INFORMATION

for the Year Ended 30 March 2025

| DIRECTORS: | J J Aylward

| I C Thomson

| SECRETARY: | I C Thomson

| REGISTERED OFFICE: | 228 Leads Road

| Hull

| HU7 0DF

| REGISTERED NUMBER: | 01977248 (England and Wales)

| AUDITORS: | Sowerby

| Chartered Accountants and Statutory Auditors

| Beckside Court

| Annie Reed Road

| Beverley

| East Yorkshire

| HU17 0LF

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

STRATEGIC REPORT

for the Year Ended 30 March 2025

The directors present their strategic report for the year ended 30 March 2025.

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS

The principal activity of the company throughout the year has continued to be the manufacture and distribution of wood-based panel products.

It was pleasing to see the company achieve its budgeted targets for the financial year to March 2025. There were hurdles to overcome, particularly in the form of extended lead times for the supply of key imported raw materials.

The burgeoning freight rates, fluctuating currency levels and the continued avoidance of shipping via the Suez Canal have all paid contribution to delaying the arrival of stock being used in our production processes. Shipping lines are also still dumping cargo in European ports (despite it being destined for the UK), at which point materials have stayed there for over a month on multiple occasions until it suits the shippers to bring them over to the UK.

Despite these obstructions, we have still increased our output of manufactured product, which in turn allows us to be less reliant on the sales of 'raw' product in what is currently a very competitive marketplace.

In addition to this, we have added new products to our portfolio that will increase overall sales and profit margins. We have been appointed as distributors of a UK manufactured decorative board, which can be used both internally and externally. Whilst this product is in its infancy, we believe there is significant scope for development.

Sine the year end, the company has placed an order for a new laminating machine which is anticipated to be installed in our factory early 2026. This will allow for speedier production, resulting in the shortening of lead time for our customers, reducing the need for overtime.and aiding gross contributions.

The directors are able to confirm that with the above mentioned developments in mind, they are able to budget for a higher sales figure and increased margin which will secure an increasingly favourable cash flow moving forward.

Finally, the directors would like to take this opportunity to acknowledge the invaluable contribution of our staff, whose dedication, commitment and hard work have enabled us to navigate the challenges we face whilst delivering exceptional customer service.

KEY PERFORMANCE INDICATORS

The company's key financial performance indicators during the year were as follows:

| 2025 |  | 2024 |  |

| £ |  | £ |  |

Gross profit |  |  | 4,458,997 |  | 4,072,157 |  |

EBITDA |  |  | 1,621,556 |  | 1,406,560 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

STRATEGIC REPORT

for the Year Ended 30 March 2025

The directors believe that the key risks facing the company include:

o continued uncertainty due to the economic environment within the UK and import markets;

o unpredictable supply availability and cost price impacts of raw materials; and

o uncertain consumer demand

In managing the business the directors have established controls to enable them to respond to and mitigate the impact of such risks.

ON BEHALF OF THE BOARD:

J J Aylward - Director

9 February 2026

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

REPORT OF THE DIRECTORS

for the Year Ended 30 March 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture and distribution of wood-based panel products.

DIVIDENDS

The total distribution of dividends for the year ended 30 March 2025 will be £ 355,500 .

FUTURE DEVELOPMENTS

The directors intend to continue developing and extending the customer base of the company.

DIRECTORS

The directors shown below have held office during the whole of the period from 31 March 2024 to the date of this report.

J J Aylward

I C Thomson

FINANCIAL INSTRUMENTS

The directors have reviewed the financial risk management objectives and policies of the company.

The company's principal financial instruments comprise trade debtors, trade creditors, bank loans and overdrafts, and hire purchase agreements. The main purpose of these instruments is to raise funds to finance the company's operations.

The company's approach to managing risks applicable to the financial instruments is shown below.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

In respect of bank loans and overdrafts, these loans are from financial institutions. The interest rate on the loans is variable, but the monthly repayments are fixed.

Currency risk is restricted to the short term settlement of trading balances with customers and suppliers.

The company is a lessee in respect of finance leased assets. The monthly repayments on finance lease agreements are fixed and liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

REPORT OF THE DIRECTORS

for the Year Ended 30 March 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 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.

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J J Aylward - Director

9 February 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

YORKSHIRE PLYWOOD LIMITED

Opinion

We have audited the financial statements of Yorkshire Plywood Limited (the 'company') for the year ended 30 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 March 2025 and of its 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 qualified 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 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 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

YORKSHIRE PLYWOOD LIMITED

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

YORKSHIRE PLYWOOD LIMITED

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:

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

However, in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- The nature of the industry and sector, control environment and business performance;

- We also obtained an understanding of the legal and regulatory frameworks that the company operates in and determined that the most significant are those that relate to the reporting framework, FRS 102, the Companies Act 2006 and the relevant tax laws and regulations in the UK. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements, relating in majority to general health and safety and employee matters;

- We reviewed results of our enquiries of management about their own identification and assessment of the risks of irregularities; and assessed how the entity identifies, evaluates and complies with laws and regulations and whether management were aware of any instances of non-compliance. We corroborated our enquiries through consideration of the results of our audit procedures across the company;

- We also considered how the entity detects and responds to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and;

- We considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how management monitors those controls

- The internal controls established to mitigate risks of non-compliance with laws and regulations were also investigated.

- We also considered the existence of performance targets and their potential influence on management to manage earnings.

- Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk.

- These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

- We reviewed financial statement disclosures and performed testing to supporting documentation to assess compliance with applicable laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

YORKSHIRE PLYWOOD LIMITED

- We also tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There was a focus on manual journals and journals indicating large or unusual transactions; enquiries of company management; and challenging the assumptions and judgements made by management by reviewing third party evidence wherever possible. It must be noted that there are significant manual procedures that are not often seen for a company of this size, our audit procedures were therefore adjusted to account for this.

- The results of our procedures did not identify any instances or irregularities, including fraud.

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.

Patrick Scargill ACA FCCA (Senior Statutory Auditor)

for and on behalf of Sowerby

Chartered Accountants and Statutory Auditors

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

9 February 2026

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

INCOME STATEMENT

for the Year Ended 30 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 28,021,588 |  | 30,437,269 |  |

Cost of sales | 23,562,591 |  | 26,365,112 |  |

GROSS PROFIT | 4,458,997 |  | 4,072,157 |  |

Administrative expenses | 2,921,180 |  | 2,755,623 |  |

OPERATING PROFIT | 5 | 1,537,817 |  | 1,316,534 |  |

Interest payable and similar expenses | 6 | 221,000 |  | 362,371 |  |

PROFIT BEFORE TAXATION | 1,316,817 |  | 954,163 |  |

Tax on profit | 7 | 336,084 |  | 276,750 |  |

PROFIT FOR THE FINANCIAL YEAR | 980,733 |  | 677,413 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

OTHER COMPREHENSIVE INCOME

for the Year Ended 30 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 980,733 |  | 677,413 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 980,733 |  | 677,413 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

BALANCE SHEET

30 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 208 |  | 208 |  |

Tangible assets | 10 | 623,038 |  | 594,552 |  |

623,246 |  | 594,760 |  |

CURRENT ASSETS

Stocks | 11 | 6,681,069 |  | 7,035,948 |  |

Debtors | 12 | 6,961,922 |  | 6,539,197 |  |

Cash in hand | 229 |  | 229 |  |

13,643,220 |  | 13,575,374 |  |

CREDITORS

Amounts falling due within one year | 13 | 11,072,362 |  | 11,195,833 |  |

NET CURRENT ASSETS | 2,570,858 |  | 2,379,541 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,194,104 |  | 2,974,301 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (66,667 | ) | (480,197 | ) |

PROVISIONS FOR LIABILITIES | 18 | (142,763 | ) | (134,663 | ) |

NET ASSETS | 2,984,674 |  | 2,359,441 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 20,100 |  | 20,100 |  |

Retained earnings | 20 | 2,964,574 |  | 2,339,341 |  |

SHAREHOLDERS' FUNDS | 2,984,674 |  | 2,359,441 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2026 and were signed on its behalf by:

I C Thomson - Director

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

STATEMENT OF CHANGES IN EQUITY

for the Year Ended 30 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 31 March 2023 | 20,100 |  | 2,017,428 |  | 2,037,528 |  |

Changes in equity

Dividends | - |  | (355,500 | ) | (355,500 | ) |

Total comprehensive income | - |  | 677,413 |  | 677,413 |  |

Balance at 30 March 2024 | 20,100 |  | 2,339,341 |  | 2,359,441 |  |

Changes in equity

Dividends | - |  | (355,500 | ) | (355,500 | ) |

Total comprehensive income | - |  | 980,733 |  | 980,733 |  |

Balance at 30 March 2025 | 20,100 |  | 2,964,574 |  | 2,984,674 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

CASH FLOW STATEMENT

for the Year Ended 30 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,366,053 |  | 2,144,004 |  |

Interest paid | (220,262 | ) | (357,884 | ) |

Interest element of hire purchase payments paid | (738 | ) | (4,487 | ) |

Net cash from operating activities | 1,145,053 |  | 1,781,633 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (112,225 | ) | (34,778 | ) |

Net cash from investing activities | (112,225 | ) | (34,778 | ) |

Cash flows from financing activities

New loans in year | 4,863,597 |  | 4,528,239 |  |

Loan repayments in year | (5,667,368 | ) | (4,827,729 | ) |

Movement in other loans | 211,154 |  | (1,191,465 | ) |

Capital repayments in year | (17,938 | ) | (61,609 | ) |

Amount introduced by directors | 629,209 |  | 165,020 |  |

Amount withdrawn by directors | (547,885 | ) | (432,527 | ) |

Equity dividends paid | (355,500 | ) | - |  |

Net cash from financing activities | (884,731 | ) | (1,820,071 | ) |

Increase/(decrease) in cash and cash equivalents | 148,097 |  | (73,216 | ) |

Cash and cash equivalents at beginning of year | 2 | (229,700 | ) | (156,484 | ) |

Cash and cash equivalents at end of year | 2 | (81,603 | ) | (229,700 | ) |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE CASH FLOW STATEMENT

for the Year Ended 30 March 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,316,817 |  | 954,163 |  |

| Depreciation charges | 83,739 |  | 90,026 |  |

| Finance costs | 221,000 |  | 362,371 |  |

1,621,556 |  | 1,406,560 |  |

| Decrease in stocks | 354,879 |  | 3,613,118 |  |

| (Increase)/decrease in trade and other debtors | (503,243 | ) | 1,256,378 |  |

| Decrease in trade and other creditors | (107,139 | ) | (4,132,052 | ) |

| Cash generated from operations | 1,366,053 |  | 2,144,004 |  |

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 March 2025

| 30/3/25 |  | 31/3/24

£ | £ |

| Cash and cash equivalents | 229 |  | 229 |  |

| Bank overdrafts | (81,832 | ) | (229,929 | ) |

(81,603 | ) | (229,700 | ) |

| Year ended 30 March 2024

| 30/3/24 |  | 31/3/23

£ | £ |

| Cash and cash equivalents | 229 |  | 27,229 |  |

| Bank overdrafts | (229,929 | ) | (183,713 | ) |

(229,700 | ) | (156,484 | ) |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE CASH FLOW STATEMENT

for the Year Ended 30 March 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 31/3/24 | Cash flow | At 30/3/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 229 |  | - |  | 229 |  |

| Bank overdrafts | (229,929 | ) | 148,097 |  | (81,832 | ) |

(229,700 | ) | 148,097 |  | (81,603 | ) |

| Debt

| Finance leases | (17,938 | ) | 17,938 |  | - |  |

| Debts falling due within 1 year | (6,476,370 | ) | 179,087 |  | (6,297,283 | ) |

| Debts falling due after 1 year | (480,197 | ) | 413,530 |  | (66,667 | ) |

(6,974,505 | ) | 610,555 |  | (6,363,950 | ) |

| Total | (7,204,205 | ) | 758,652 |  | (6,445,553 | ) |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 30 March 2025

1. | STATUTORY INFORMATION

| Yorkshire Plywood Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at 228 Leads Road, Hull, England, HU7 0DF.

| The principal activity of the company throughout the year has continued to be the manufacture and distribution of wood-based panel products.

| The presentational currency of the financial statements is 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.

| The directors believe that the development, performance, and business position is fairly reflected within the Strategic Report.

| Going Concern

| Having regard to liquidity risk, current market conditions and other factors affecting the company including , current economic impacts, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

| As of 31 March 2025, the company had net assets of £2,984,674 an increase from the 2024 position of £2,359,441 and net current assets of £2,570,858 (2024: £2,379,541). The financial statements have been prepared on a going concern basis.

| The company's financial forecasts show that the company's cashflow gives the company the ability to continue to operate for the foreseeable future. In the near future the company will have reduced their debt servicing as the bank loans mature over the next few years (see note 15). The company's overdraft and lending facilities were renewed with the bank in November 2025 and the company continues to trade within its thresholds. The company has the support of the directors and its bankers.

| The directors are confident about the future position of the company and prepare these accounts on a going concern basis with the understanding that the directors and shareholders will offer financial support to the company if required for a period of not less than twelve months from the date of these financial statements.

| Based on these facts and the current financial position, forecasts and cash flows of the company, the directors have concluded it is appropriate for the financial statements to be prepared on a going concern basis.

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| No key sources of estimation uncertainty are noted by management that have a significant effect on the amounts recognised in the financial statements.

| Turnover

| Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

| Turnover from the sale of goods is recognised at the point of sale.

| All sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

| 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.

| Improvements to property | - | 10% on reducing balance

| Plant and machinery | - | 10% on reducing balance

| Fixtures and fittings | - | 10% on reducing balance

| Motor vehicles | - | 25% on a reducing balance basis

| Tangible fixed assets are held under the historical cost model. A prior revaluation was taken as deemed cost upon transition to Financial Reporting Standard 102.

| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

| Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making, due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on an average basis.

| In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

| Foreign currencies

| The financial statements are presented in Sterling, which is also the functional currency of the company. Transactions in currencies other than the functional currency of the company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss. Non-monetary items that are measured at historic cost in a foreign currency are not translated.

| 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.

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

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

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

2. | ACCOUNTING POLICIES - continued

| Trade and other debtors

| Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

| Trade and other creditors

| Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

| Impairment of financial assets

| Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

| Interest bearing borrowings

| Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

| Related parties

| For the purposes of these financial statements, a party is considered to be related to the company if:

| (i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

| (ii) the company and the party are subject to common control;

| (iii) the party is an associate of the company or a joint venture in which the company is a venture

| (iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

| (v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

2. | ACCOUNTING POLICIES - continued

| (vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

| (vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

| Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 26,734,087 |  | 30,006,682 |  |

| Europe | 1,287,501 |  | 430,587 |  |

28,021,588 |  | 30,437,269 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,978,340 |  | 1,848,470 |  |

| Social security costs | 198,085 |  | 185,085 |  |

| Other pension costs | 91,351 |  | 86,503 |  |

2,267,776 |  | 2,120,058 |  |

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

| 2025 |  | 2024

| Management / administration | 7 |  | 7 |  |

| Factory / workshop | 47 |  | 48 |  |

54 |  | 55 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

4. | EMPLOYEES AND DIRECTORS - continued

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | - |  | - |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 92,102 |  | 87,463 |  |

| Other operating leases | 298,356 |  | 289,000 |  |

| Depreciation - owned assets | 83,739 |  | 61,993 |  |

| Depreciation - assets on hire purchase contracts | - |  | 28,033 |  |

| Auditors' remuneration | 21,950 |  | 29,000 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 84,255 |  | 13,391 |  |

| Bank loan interest | 76,446 |  | 177,186 |  |

| Corporation Tax interest paid | 5,761 |  | - |  |

| Vat assessment interest | - |  | 113,307 |  |

| Loan | 53,800 |  | 54,000 |  |

| Hire purchase | 738 |  | 4,487 |  |

221,000 |  | 362,371 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 327,984 |  | 289,464 |  |

| Deferred tax | 8,100 |  | (12,714 | ) |

| Tax on profit | 336,084 |  | 276,750 |  |

| UK corporation tax was charged at 25%) in 2024.

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,316,817 |  | 954,163 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 329,204 |  | 238,541 |  |

| Effects of:

| Expenses not deductible for tax purposes | 6,587 |  | 46,222 |  |

| Capital allowances in excess of depreciation | (7,807 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 6,816 |  |

| Utilisation of tax losses | - |  | (26,474 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | 24,359 |  |

| Deferred tax | 8,100 |  | (12,714 | ) |

| Total tax charge | 336,084 |  | 276,750 |  |

| 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. In the year to 31 March 2025, deferred tax is charged at 25% (2024 - 25%).

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each |

| Interim | 117,000 |  | 238,500 |  |

| Ordinary B shares of £1 each |

| Interim | 238,500 |  | 117,000 |  |

355,500 |  | 355,500 |  |

9. | INTANGIBLE FIXED ASSETS

| Patents

| and

| licences

£ |

| COST

| At 31 March 2024

| and 30 March 2025 | 208 |  |

| NET BOOK VALUE

| At 30 March 2025 | 208 |  |

| At 30 March 2024 | 208 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

10. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| to |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 31 March 2024 | 57,914 |  | 866,355 |  | 125,100 |  | 379,346 |  | 1,428,715 |  |

| Additions | - |  | 85,881 |  | 8,094 |  | 18,250 |  | 112,225 |  |

| At 30 March 2025 | 57,914 |  | 952,236 |  | 133,194 |  | 397,596 |  | 1,540,940 |  |

| DEPRECIATION

| At 31 March 2024 | 8,011 |  | 467,431 |  | 102,340 |  | 256,381 |  | 834,163 |  |

| Charge for year | 2,833 |  | 45,004 |  | 2,947 |  | 32,955 |  | 83,739 |  |

| At 30 March 2025 | 10,844 |  | 512,435 |  | 105,287 |  | 289,336 |  | 917,902 |  |

| NET BOOK VALUE

| At 30 March 2025 | 47,070 |  | 439,801 |  | 27,907 |  | 108,260 |  | 623,038 |  |

| At 30 March 2024 | 49,903 |  | 398,924 |  | 22,760 |  | 122,965 |  | 594,552 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 31 March 2024 | 61,000 |  | 45,030 |  | 106,030 |  |

| Transfer to ownership | (61,000 | ) | (45,030 | ) | (106,030 | ) |

| At 30 March 2025 | - |  | - |  | - |  |

| DEPRECIATION

| At 31 March 2024 | 10,212 |  | 19,688 |  | 29,900 |  |

| Transfer to ownership | (10,212 | ) | (19,688 | ) | (29,900 | ) |

| At 30 March 2025 | - |  | - |  | - |  |

| NET BOOK VALUE

| At 30 March 2025 | - |  | - |  | - |  |

| At 30 March 2024 | 50,788 |  | 25,342 |  | 76,130 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

11. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 6,681,069 |  | 7,035,948 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 6,474,974 |  | 6,227,565 |  |

| Other debtors | 1,000 |  | 1,000 |  |

| Directors' current accounts | 84,778 |  | 165,296 |  |

| VAT | 333,871 |  | - |  |

| Prepayments | 67,299 |  | 145,336 |  |

6,961,922 |  | 6,539,197 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Loans and overdrafts (see note 15) | 1,484,442 |  | 2,022,780 |  |

| Other loans (see note 15) | 4,894,673 |  | 4,683,519 |  |

| Hire purchase contracts (see note 16) | - |  | 17,938 |  |

| Trade creditors | 3,980,659 |  | 3,723,323 |  |

| Tax | 598,676 |  | 264,931 |  |

| Social security and other taxes | 49,840 |  | 43,406 |  |

| VAT | - |  | 360,223 |  |

| Directors' current accounts | 806 |  | - |  |

| Accrued expenses | 63,266 |  | 79,713 |  |

11,072,362 |  | 11,195,833 |  |

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans (see note 15) | 66,667 |  | 480,197 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

15. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 81,832 |  | 229,929 |  |

| Loans | 1,402,610 |  | 1,792,851 |  |

| Other loans | 4,894,673 |  | 4,683,519 |  |

6,379,115 |  | 6,706,299 |  |

| Amounts falling due between two and five years:

| Loans - 2-5 years | 66,667 |  | 480,197 |  |

| Bank loans are repayable by fixed monthly instalments.

| Bank loans comprise:

|  | Maturity date |  |  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| CBILs bank loan |  |  | 2027 |  |  | 226,667 |  |  | 386,667 |

| Funding circle CBILs |  |  | 2026 |  |  | 21,772 |  |  | 96,006 |

| Import bank loans |  |  | 2025/6 |  |  | 1,074,171 |  |  | 1,523,206 |

| LDF Finance |  |  | 2025/6 |  |  | 146,667 |  |  | 266,667 |

|  | 1,469,277 |  |  | 2,273,048 |

| Other loans relate in full to Invoice Financing facilities and are as such not included above.

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 17,938 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 235,000 |  | 235,000 |  |

| Between one and five years | 117,500 |  | 352,500 |  |

352,500 |  | 587,500 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

17. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 81,832 |  | 229,929 |  |

| Bank loans | 1,469,277 |  | 2,273,048 |  |

| Other loans | 4,894,673 |  | 4,683,519 |  |

| Hire purchase contracts | - |  | 17,938 |  |

6,445,782 |  | 7,204,434 |  |

| The overdraft is secured against trade debtors and tangible fixed assets. The bank hold a debenture including fixed charge over all present freehold and leasehold property, first fixed charge over book and other debts, chattels, goodwill and uncalled capital. They also hold the first floating charge over all assets.

| Hire purchase liabilities are secured over the assets to which they relate.

| Other loans being the Invoice financing facility has security over trade debts whilst the bank have a fixed and floating charge over all assets of the company

| Interest rates in relation to loans are as follows:

| CBILS bank - 3.49% interest over base rate

| Funding Circle CBILS - 10.1% interest over base rate

| Import bank loan - various rates

| Pension loan - 10% interest over base rate

| LDF Finance - 14% interest

18. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 142,763 |  | 134,663 |  |

| Deferred |

| tax |

£ |

| Balance at 31 March 2024 | 134,663 |  |

| Charge to Income Statement during year | 8,100 |  |

| Balance at 30 March 2025 | 142,763 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 20,000 | Ordinary | £1 | 20,000 |  | 20,000 |  |

| 100 | Ordinary B | £1 | 100 |  | 100 |  |

20,100 |  | 20,100 |  |

| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

| The B shares have no rights to assets on the winding-up of the company and are not full voting shares.

20. | RESERVES

| Retained

| earnings

£ |

| At 31 March 2024 | 2,339,341 |  |

| Profit for the year | 980,733 |  |

| Dividends | (355,500 | ) |

| At 30 March 2025 | 2,964,574 |  |

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 30 March 2025

21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| Directors' transactions

| Included in other debtors are advances or credits that have been granted by the company to its directors.

| Description |  |  | Opening |  | Amounts |  | Amounts |  | Closing |  |

|  | balance |  | advanced |  | repaid |  | balance |  |

| £ |  | £ |  | £ |  | £ |  |

| Director's advances and credits |  |  | (165,295 | ) | (547,886 | ) | 629,209 |  | (83,972 | ) |

|  | (165,295 | ) | (547,886 | ) | 629,209 |  | (83,972 | ) |

| The loans are repayable on demand.

| Two of the directors of the company provided a personal guarantee as security for part of the present and future liabilities with the companies bankers.

22. | RELATED PARTY DISCLOSURES

| Entities over which the entity has control, joint control or significant influence

2025 | 2024 |

£ | £ |

| Purchases | 687,283 |  | 920,654 |  |

| Other related parties

2025 | 2024 |

£ | £ |

| Rent paid for lease of building owned by pension scheme | 235,000 |  | 235,000 |  |

| Amount due to related party | 61,208 |  | - |  |

23. | ULTIMATE CONTROLLING PARTY

| The controlling party is J J Aylward.