Company registration number 01635620 (England and Wales)
KERMANDINE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
KERMANDINE LIMITED
COMPANY INFORMATION
Directors
Mr K D McAdam
Mrs S M McAdam
Mr NAAR Younis
Secretary
Mrs S M McAdam
Company number
01635620
Registered office
11 Birchley Avenue
Billinge
Wigan
Lancashire
United Kingdom
WN5 7QW
Auditor
Fairhurst Audit Services Ltd
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB
KERMANDINE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Group statement of comprehensive income
9
Group statement of financial position
10 - 11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 30
KERMANDINE LIMITED
STRATEGIC REPORT
For The Year Ended 30 September 2025
- 1 -

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

Principal activities

The principal activities of the group in the year under review were that of the manufacture and sale of caravan holiday homes and residential park homes, the receipt of income from property and investments, and the provision of management services.

Review of the business

During the year the group produced a profit before taxation of £1,316,459 (2024: £2,578,177) representing a very satisfactory outcome during a difficult year for our manufacturing subsidiary. As a result, group turnover decreased over the previous year finishing at £19,412,041 (2024: £21,867,718).

Most of the group's trading activity is in the manufacture and sale of residential and leisure park homes by our subsidiary Pemberton Park and Leisure Homes Limited. As stated 2025 was a challenging year for that business with turnover reduced in line with decreased demand within the industry. However, the directors took all necessary measures to meet these challenges and forecast that the company is well positioned to manage the near-term headwinds and expect the company to continue to operate profitability during the coming year.

The group's secondary income stream derives from management of its commercial property portfolio which has continued to produce a consistent net income from lettings to non-related but well-established businesses, all of which have maintained their rental commitments during the year and are expected to do so during the year ahead.

A top priority for our business continues to be maintaining a safe working environment for our employees. Regular engagement of the board with senior managers underpins this commitment and significant investment has been incurred in upgrading our systems, production line and mechanical handling equipment in furtherance of this objective.

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

|  | 202 5 |  | 202 4
|  | £'000 |  | £'000
Sales |  | 19,412 |  | 21,868
Gross margin |  | 4,935 |  | 6,302
Occupancy ratio |  | 98.40% |  | 98.40%
EBITDA |  | 1,353 |  | 2,245
Net assets |  | 26,161 |  | 31,957

The board and senior management also monitor operational efficiency and utilisation of resources by reference to other financial and non-financial performance indicators in such areas as sales, production, procurement, customer service, quality assurance, health and safety and overheads.

Principal risks and uncertainties

The major part of the group's income is dependant on the continuing commercial success of its manufacturing subsidiary. The directors manage this risk by constantly monitoring the financial and operational performance of its subsidiary and the trends and competitive conditions in the market within which it operates.

The group operates in a competitive market but reduces this risk by maintaining close relationships with customers and suppliers and developing award winning products. Ongoing investment and commitment to a process of continual improvement and development ensures that out product range is continually being updated and maintains it's market leading appeal.

Credit risk is managed by strict evaluation and assessment protocols and rigorous collection procedures.

Cashflow and liquidity risk is closely monitored by The Directors to ensure all current and future obligations are adequately funded.

Commercial Relationships

The group's commercial property income arises from leases to unconnected commercial enterprises and is dependant on the continued success of their business activities. The group manages the risks involved by maintaining regular communication with tenants to keep abreast of their business performance, future plans and developments.

KERMANDINE LIMITED
STRATEGIC REPORT (CONTINUED)
For The Year Ended 30 September 2025
- 2 -
Health, Safety and Environmental Issues

The group is committed to outstanding performance in health, safety and environmental matters through a policy of training, communication and co-operation applied consistently throughout all operations.

Future Developments

The Directors anticipate that markets conditions will remain challenging for the year ahead with economic stability and confidence being the dominant factor s. The group's manufacturing subsidiary is actively seeking to acquire additional premises for the secure storage, display and distribution of its finished products.

Fixed Assets

The changes in fixed assets, details of which are set out in the notes to the annexed financial statements, arose out of normal business requirements.

On behalf of the board

Mr K D McAdam
Director
7 March 2026
KERMANDINE LIMITED
DIRECTORS' REPORT
For The Year Ended 30 September 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Results and dividends

A final dividend of £5,220,200 (2024: £1,865,000) was paid in the year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr K D McAdam
Mrs S M McAdam
Mr NAAR Younis
Events since the end of the year

Information relating to events since the end of the year is given in the notes to the financial statements.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr K D McAdam
Director
7 March 2026
KERMANDINE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
For The Year Ended 30 September 2025
- 4 -

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KERMANDINE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KERMANDINE LIMITED
- 5 -
Opinion

We have audited the financial statements of Kermandine Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

KERMANDINE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KERMANDINE LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation and Health and Safety regulations.

- we enquired of the directors and reviewed correspondence with HMRC for evidence on non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify any unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- we enquired of the directors about actual and potential litigation and claims.

Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

KERMANDINE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KERMANDINE LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors responsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters 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.

Jane Dennis BA (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Fairhurst Audit Services Ltd, Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB
7 March 2026
KERMANDINE LIMITED
GROUP INCOME STATEMENT
For The Year Ended 30 September 2025
- 8 -
2025
2024
Notes
£
£
Turnover
2
19,412,041
21,867,718
Cost of sales
(14,476,770)
(15,565,222)
Gross profit
4,935,271
6,302,496
Distribution costs
(12,987)
(90,158)
Administrative expenses
(3,991,609)
(4,417,778)
Other operating income
30,371
36,331
Operating profit
3
961,046
1,830,891
Interest receivable and similar income
394,202
343,440
Interest payable and similar expenses
5
(38,789)
(30,967)
Fair value gains and losses on investment properties
10
-
0
434,813
Profit before taxation
1,316,459
2,578,177
Tax on profit
6
(459,440)
(666,074)
Profit for the financial year
22
857,019
1,912,103
Profit for the financial year is attributable to:
- Owners of the parent company
742,201
1,476,048
- Non-controlling interests
114,818
436,055
857,019
1,912,103
KERMANDINE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
For The Year Ended 30 September 2025
- 9 -
2025
2024
£
£
Profit for the year
857,019
1,912,103
Other comprehensive income
Revaluation of tangible fixed assets
-
0
1,085,729
Tax relating to other comprehensive income
-
0
(177,236)
Other comprehensive income for the year
-
0
908,493
Total comprehensive income for the year
857,019
2,820,596
Total comprehensive income for the year is attributable to:
- Owners of the parent company
742,201
2,384,541
- Non-controlling interests
114,818
436,055
857,019
2,820,596
KERMANDINE LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
As At 30 September 2025
30 September 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
9
5,723,973
5,981,187
Investment property
10
1,996,694
1,996,694
7,720,667
7,977,881
Current assets
Stocks
12
5,178,128
4,794,760
Debtors
13
10,305,362
11,941,372
Cash at bank and in hand
8,698,518
12,512,578
24,182,008
29,248,710
Creditors: amounts falling due within one year
14
(4,510,322)
(3,978,425)
Net current assets
19,671,686
25,270,285
Total assets less current liabilities
27,392,353
33,248,166
Creditors: amounts falling due after more than one year
15
(396,005)
(519,241)
Provisions for liabilities
Deferred tax liability
17
835,090
772,075
(835,090)
(772,075)
Net assets
26,161,258
31,956,850
Capital and reserves
Called up share capital
19
10,000
10,000
Revaluation reserve
20
2,774,149
2,774,149
Capital redemption reserve
21
4,720
4,720
Profit and loss reserves
22
18,661,432
23,139,431
Equity attributable to owners of the parent company
21,450,301
25,928,300
Non-controlling interests
4,710,957
6,028,550
Total equity
26,161,258
31,956,850
KERMANDINE LIMITED
GROUP STATEMENT OF FINANCIAL POSITION (CONTINUED)
As At 30 September 2025
30 September 2025
- 11 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 7 March 2026 and are signed on its behalf by:
07 March 2026
Mr K D McAdam
Director
Company registration number 01635620 (England and Wales)
KERMANDINE LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
As At 30 September 2025
30 September 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
11
265,203
265,203
265,203
265,203
Current assets
Debtors
13
89,823
89,823
Net current assets
89,823
89,823
Net assets
355,026
355,026
Capital and reserves
Called up share capital
19
10,000
10,000
Profit and loss reserves
22
345,026
345,026
Total equity
355,026
355,026

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £5,220,200 (2024 - £1,865,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 7 March 2026 and are signed on its behalf by:
07 March 2026
Mr K D McAdam
Director
Company registration number 01635620 (England and Wales)
KERMANDINE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 September 2025
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 October 2023
10,000
1,865,656
4,720
23,528,383
25,408,759
6,033,237
31,441,996
Year ended 30 September 2024:
Profit for the year
-
-
-
1,476,048
1,476,048
436,055
1,912,103
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,085,729
-
-
1,085,729
-
1,085,729
Tax relating to other comprehensive income
-
(177,236)
-
-
0
(177,236)
-
(177,236)
Total comprehensive income
-
908,493
-
1,476,048
2,384,541
436,055
2,820,596
Dividends
7
-
-
-
(1,865,000)
(1,865,000)
(440,742)
(2,305,742)
Balance at 30 September 2024
10,000
2,774,149
4,720
23,139,431
25,928,300
6,028,550
31,956,850
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
-
742,201
742,201
114,818
857,019
Dividends
7
-
-
-
(5,220,200)
(5,220,200)
(1,432,411)
(6,652,611)
Balance at 30 September 2025
10,000
2,774,149
4,720
18,661,432
21,450,301
4,710,957
26,161,258
KERMANDINE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 September 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2023
10,000
345,026
355,026
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
1,865,000
1,865,000
Dividends
7
-
(1,865,000)
(1,865,000)
Balance at 30 September 2024
10,000
345,026
355,026
Year ended 30 September 2025:
Profit and total comprehensive income
-
5,220,200
5,220,200
Dividends
7
-
(5,220,200)
(5,220,200)
Balance at 30 September 2025
10,000
345,026
355,026
KERMANDINE LIMITED
GROUP STATEMENT OF CASH FLOWS
For The Year Ended 30 September 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,096,652
6,121,606
Interest paid
(38,789)
(30,967)
Income taxes paid
(360,716)
(871,788)
Net cash inflow from operating activities
2,697,147
5,218,851
Investing activities
Purchase of tangible fixed assets
(153,689)
(143,688)
Proceeds from disposal of tangible fixed assets
24,127
15,657
Interest received
394,202
343,440
Net cash generated from investing activities
264,640
215,409
Financing activities
Repayment of bank loans
(123,236)
(118,724)
Dividends paid to equity shareholders
(5,220,200)
(1,865,000)
Dividends paid to non-controlling interests
(1,432,411)
(440,742)
Net cash used in financing activities
(6,775,847)
(2,424,466)
Net (decrease)/increase in cash and cash equivalents
(3,814,060)
3,009,794
Cash and cash equivalents at beginning of year
12,512,578
9,502,784
Cash and cash equivalents at end of year
8,698,518
12,512,578
KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
For The Year Ended 30 September 2025
- 16 -
1
Accounting policies
Company information

Kermandine Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The company's registered number and registered office address can be found on the general information page.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

1.2
Basis of consolidation

The group financial statements consolidate the financial statements of Kermandine Limited and its subsidiary undertakings Pemberton Caravans Limited, Pemberton Park and Leisure Homes Limited, Cresta Caravan Co Limited and N & E Houses Limited for the year to 30 September 2025 using the acquisition method. The results of subsidiary undertakings are included from the date of acquisition.

Cresta Caravan Co Limited and N&E Houses Limited have not been audited as they are considered immaterial to the group by virtue of s405 Companies Act 2006.

The consolidated financial statements include the results of the activities described in the Strategic Report, all of which are continuing.

The company acts as a holding company for its subsidiaries.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

a) Useful economic lives

The useful economic lives of tangible fixed assets are assessed on an annual basis on the latest available information. Management believe that the useful economic lives being used currently are still appropriate.

b) Warranty provision

The warranty provision is estimated using information and assessments by experienced management, The basis on which this is calculated is set out in the accounting policies for provisions for liabilities.

c) Valuation of investment properties

The value of the investment properties is considered annually by the directors. The current values are considered to be appropriate by the management.

d) Uninsured claims

The uninsured claims provision is estimated by the directors based on their experience and information provided by their legal advisors. The current value of the provision is considered to be the best estimate of the obligation.

KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover comprises the invoice value of goods, rental income and related services provided by the group, net of value added tax and trade discounts, and arose wholly in the United Kingdom and Europe.

The whole of the turnover is attributable to the group's principal activities.

The group recognises revenue from the sale of goods when the significant risks and rewards of ownership has transferred to the buyer, this is ordinarily on the raising of a sales invoice.

Rental and related services income is recognised in the income statement on a straight line basis over the lease term.

1.5
Goodwill

Goodwill on consolidation is being amortised over its estimated useful life of ten years. Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill.

In the company's financial statements goodwill, being the amount paid in connection with the acquisition of a business in 2009, has been fully amortised.

1.6
Intangible assets

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

1.7
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% on cost
Land
not depreciated
Fixed plant and improvements to property
15% on reducing balance
Plant and machinery
20% on reducing balance
Fixtures and fittings
25% on cost
Computer equipment
33% on cost and 15% on reducing balance
Motor vehicles
33% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Tangible fixed assets are either stated at cost or professional valuation, less depreciation and any impairment.

1.8
Investment property

Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value are recognised in the statement of comprehensive income.

KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
1
Accounting policies
(Continued)
- 18 -
1.9
Investments in subsidiaries

The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries) using accounting policies consistent with those of the parent. All intra group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

1.10
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.

1.11
Impairment of fixed assets

At each reporting date assets are review ed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimate d recoverable amount, and an impairment loss is recognised immediately in profit or loss.

Where an impairment loss subsequently reverse s, 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.

1.12
Stocks, work in progress and finished goods

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Work in progress and finished goods are valued at cost plus an appropriate proportion of fixed and variable overheads. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress or finished goods.

Revenue is recognised from the sale of goods when the company has transferred the significant risks and rewards of ownership to the customer.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

1.14
Financial instruments

The group only holds basic financial instruments, as defined under Section 11 of FRS102.

Trade and other debtors are initially measured 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 cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term financial liabilities, including trade and other creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due, those payable after one year should be measured at amortised cost, using the effective interest rate method.

KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
1
Accounting policies
(Continued)
- 19 -
1.15
Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised as the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the 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.

1.16
Short term employee benefits

The group operates a defined contribution pension scheme. Contributions payable for the year are charged to the profit and loss account in the period to which they relate.

Short term employee benefits are recognised as an expense in the period in which they are incurred.

1.17
Foreign currencies

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

2
Turnover

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

All of the group's turnover is within either the United Kingdom or the EU.

3
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
29,450
27,650
Depreciation of owned tangible fixed assets
387,559
412,425
(Profit)/loss on disposal of tangible fixed assets
(783)
1,387
Property income
212,991
203,817
KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
- 20 -
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Administration
29
31
-
-
Production
114
130
-
-
Management
1
1
-
-
Total
144
162
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,836,490
4,997,713
-
0
-
0
Social security costs
559,111
409,092
-
-
Pension costs
110,311
109,990
-
0
-
0
5,505,912
5,516,795
-
0
-
0
5
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
38,589
50,617
Dealer stock financing charge
200
(19,650)
Total finance costs
38,789
30,967
6
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
394,810
610,310
Adjustments in respect of prior periods
1,615
(34,279)
Total current tax
396,425
576,031
Deferred tax
Deferred tax
63,015
90,043
Total tax charge
459,440
666,074
KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
6
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,316,459
2,578,177
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
329,115
644,544
Tax effect of expenses that are not deductible in determining taxable profit
1,844
1,435
Adjustments in respect of prior years
1,619
(34,279)
Fixed asset differences
63,847
(61,912)
Remeasurement of deferred tax for changes in tax rates
114,213
7,583
Chargeable gains
(51,198)
108,703
Taxation charge
459,440
666,074

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
-
177,236
7
Dividends
2025
2024
£
£
Final
5,220,200
1,865,000
8
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2024 and 30 September 2025
125,677
Amortisation and impairment
At 1 October 2024 and 30 September 2025
125,677
KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
8
Intangible fixed assets
(Continued)
- 22 -
Carrying amount
At 30 September 2025
-
0
At 30 September 2024
-
0
Company
Goodwill
£
Cost
At 1 October 2024 and 30 September 2025
100,000
Amortisation and impairment
At 1 October 2024 and 30 September 2025
100,000
Carrying amount
At 30 September 2025
-
0
At 30 September 2024
-
0
KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
- 23 -
9
Tangible fixed assets
Group
Freehold property
Land
Fixed plant and improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost or valuation
At 1 October 2024
4,476,806
45,579
708,498
3,005,945
52,443
87,483
432,844
8,809,598
Additions
-
0
-
0
-
0
29,430
1,095
6,447
116,717
153,689
Disposals
-
0
-
0
-
0
(132,428)
-
0
(3,650)
(59,625)
(195,703)
At 30 September 2025
4,476,806
45,579
708,498
2,902,947
53,538
90,280
489,936
8,767,584
Depreciation and impairment
At 1 October 2024
-
0
-
0
475,857
1,984,168
44,709
74,206
249,471
2,828,411
Depreciation charged in the year
89,536
-
0
948
205,970
3,709
11,734
75,662
387,559
Eliminated in respect of disposals
-
0
-
0
-
0
(118,812)
-
0
(3,620)
(49,927)
(172,359)
At 30 September 2025
89,536
-
0
476,805
2,071,326
48,418
82,320
275,206
3,043,611
Carrying amount
At 30 September 2025
4,387,270
45,579
231,693
831,621
5,120
7,960
214,730
5,723,973
At 30 September 2024
4,476,806
45,579
232,641
1,021,777
7,734
13,277
183,373
5,981,187
The company had no tangible fixed assets at 30 September 2025 or 30 September 2024.
KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
9
Tangible fixed assets
(Continued)
- 24 -
Cost or valuation at 30 September 2025 is represented by:
Group
Freehold property
Land
Fixed plant and improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
£
Valuation in 2010
759,330
-
-
-
-
-
-
759,330
Valuation in 2014
115,546
-
-
-
-
-
-
115,546
Valuation in 2019
259,318
-
-
-
-
-
-
259,318
Valuation in 2024
708,944
-
-
-
-
-
-
708,944
Cost
2,633,668
45,579
708,498
2,902,947
53,538
90,280
489,936
6,924,446
4,476,806
45,579
708,498
2,902,947
53,538
90,280
489,936
8,767,584
If freehold property had not been revalued it would have been included at the following historical cost:
2025
2024
£
£
Group
Cost
2,633,668
2,633,668
Aggregate depreciation
(832,878)
(780,205)

In 2024 the group's properties were revalued on a fair market value basis by Jack Sharpe MRICS, FAAV (Director of T Fazakerley & Son Ltd trading as Fazakerley Sharpe).

KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
- 25 -
10
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 October 2024 and 30 September 2025
1,996,694
-

In 2024 the group's investments properties were revalued on a fair market value basis by Jack Sharpe MRICS, FAAV (Director of T Fazakerley & Sons Ltd trading as Fazakerley Sharpe).

Fair value at 30 September 2025 is represented by:
Group
Total
£
Valuation in 2003
547,954
Valuation in 2010
236,000
Valuation in 2014
82,853
Valuation in 2019
237,677
Valuation in 2024
434,813
Cost
457,397
1,996,694
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Unlisted investments
-
0
-
0
265,203
265,203
Company
%
Direct/Indirect
Subsidiary
Principal Activity
Holding
Holding
Pemberton Caravans Limited
Property holding and management company
100%
Direct
Pemberton Park and Leisure Homes Limited
Sale & manufacture of caravan holiday homes
77.45%
Indirect
Cresta Caravan Co. Limited
Dormant
100%
Indirect
N & E Houses Limited
Dormant
100%
Indirect
KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
- 26 -
12
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
1,736,057
1,676,894
-
-
Work in progress
273,780
339,447
-
-
Finished goods and goods for resale
3,168,291
2,778,419
-
0
-
0
5,178,128
4,794,760
-
-
13
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
9,289,435
11,558,751
-
0
-
0
Other debtors
692,976
124,528
-
0
-
0
Prepayments and accrued income
322,951
258,093
-
0
-
0
10,305,362
11,941,372
-
-
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
89,823
89,823
Total debtors
10,305,362
11,941,372
89,823
89,823
14
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
16
123,750
123,750
-
0
-
0
Trade creditors
2,663,757
2,001,693
-
0
-
0
Corporation tax payable
307,781
272,072
-
0
-
0
Other taxation and social security
227,314
173,693
-
-
Other creditors
123,944
96,340
-
0
-
0
Accruals and deferred income
1,063,776
1,310,877
-
0
-
0
4,510,322
3,978,425
-
0
-
0
KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
- 27 -
15
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
16
396,005
519,241
-
0
-
0
16
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
519,755
642,991
-
0
-
0
Payable within one year
123,750
123,750
-
0
-
0
Payable after one year
396,005
519,241
-
0
-
0

The bank loan facility held within Pemberton Caravans Limited is renewed monthly under the terms of the loan agreement, with interest charged at 1.95% above LIBOR each month. The facility expires in December 2029.

The bank loans are secured by way of a fixed charge against specific property and fixed and floating charges over certain assets.

17
Deferred taxation
Liabilities
Liabilities
2025
2024
Group
£
£
Deferred tax
188,142
239,340
Capital gains
646,948
532,735
835,090
772,075
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 October 2024
772,075
-
Charge to profit or loss
63,015
-
Liability at 30 September 2025
835,090
-
KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
- 28 -
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
110,311
109,990

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000
10,000
10,000
10,000

At the balance sheet date, only 10p per share had been called up.
The holders of ordinary shares are entitled to one vote per share at meetings of the company and are entitled to receive dividends as declared from time to time, or any other distribution including a distribution arising from a winding up of the company.

20
Revaluation reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
2,774,149
1,865,656
-
0
-
0
Revaluation surplus arising in the year
-
0
1,085,729
-
0
-
0
Deferred tax on revaluation of tangible assets
-
(177,236)
-
-
At the end of the year
2,774,149
2,774,149
-
0
-
21
Capital redemption reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning and end of the year
4,720
4,720
-
0
-
0
KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
- 29 -
22
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
23,139,431
23,528,383
345,026
345,026
Profit for the year
742,201
1,476,048
5,220,200
1,865,000
Dividends
(5,220,200)
(1,865,000)
(5,220,200)
(1,865,000)
At the end of the year
18,661,432
23,139,431
345,026
345,026
Group
Company
2025
2024
2025
2024
£
£
£
£
Non-distributable profits included above
At the beginning of the year
1,370,530
1,081,856
-
-
Non distributable profits in the year
(114,213)
288,674
-
-
At the end of the year
1,256,317
1,370,530
-
-
Distributable profits
17,405,115
21,768,901
345,026
345,026
23
Non-Controlling Interests

Minority interests represent a holding of 22.55% in Pemberton Park and Leisure Homes Limited.

24
Pension Commitments

The group operated a defined contribution pension scheme for certain senior management and other eligible employees. The assets of the scheme are held separately from those of the group in independently administered funds. Contributions paid during the year amount to £110,311 (2024: £109,990) and at the year end contributions of £23,791 (2024: £19,257) remained outstanding.

25
Related party transactions

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

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

During the year the following transactions were entered into with the following related parties:

A management charge of £120,000 (2024: £120,000) was charged by a shareholder.

Dividends to directors of £1,044,040 (2024: £373,046) were paid in the year.

Dividends paid to a Trust in which directors are Trustees of £1,566,060 (2024: £559,542) were paid in the year.

Dividends to other shareholders of £2,610,100 (2023: £932,523) were paid in the year.

KERMANDINE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2025
- 30 -
26
Ultimate controlling party

Alphacrete International Limited and Mr K McAdam own shares directly and indirectly in the group. However, practically Mr K McAdam is responsible for the day to day operating decisions of the group and is therefore the ultimate controlling party.

27
Cash generated from group operations
2025
2024
£
£
Profit after taxation
857,019
1,912,103
Adjustments for:
Taxation charged
459,440
666,074
Finance costs
38,789
30,967
Investment income
(394,202)
(343,440)
(Gain)/loss on disposal of tangible fixed assets
(783)
1,387
Fair value gain on investment properties
-
0
(434,813)
Depreciation and impairment of tangible fixed assets
387,559
412,425
Decrease in provisions
-
(323,375)
Movements in working capital:
(Increase)/decrease in stocks
(383,368)
950,063
Decrease in debtors
1,636,010
6,445,614
Increase/(decrease) in creditors
496,188
(3,195,399)
Cash generated from operations
3,096,652
6,121,606
28
Analysis of changes in net debt - group
2025
£
Opening net funds/(debt)
Cash and cash equivalents
12,512,578
Loans
(642,991)
11,869,587
Changes in net debt arising from:
Cash flows of the entity
(3,690,824)
Closing net funds/(debt) as analysed below
8,178,763
Closing net funds/(debt)
Cash and cash equivalents
8,698,518
Loans
(519,755)
8,178,763
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