Company registration number 02393313 (England and Wales)
Ancorite Surface Protection Limited
Annual report and financial statements
For the year ended 31 December 2025
Ancorite Surface Protection Limited
Company information
Directors
Mr M Nicholson
Mr A Cummings
Mr M P Hunter
Mr Steven Clark
(Appointed 28 March 2025)
Secretary
Mr M Nicholson
Company number
02393313
Registered office
Millbuck Way
Ettiley Heath
Sandbach
Cheshire
England
CW11 3AB
Auditor
DJH Audit Limited
St George's House
56 Peter Street
Manchester
M2 3NQ
Ancorite Surface Protection Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
Ancorite Surface Protection Limited
Strategic report
For the year ended 31 December 2025
- 1 -

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

Fair review of the business

The Directors report a steady performance for the Group in the year generating revenue of £12.91m (December 2024: £13.95m) and operating profit of £1.11m (December 2024: £1.48m) with average month-end cash of £1.17m (December 2024: £1.19m).

The Company has two main divisions which from an operational perspective have both performed well through-out the trading year. However, the industrial Division has been affected by the current global economic environment and uncertainty which has seen a reduction in revenue. This has been partially offset by an increase in revenue from the Flooring division which has had an excellent year.

The revenue analysed by division is a follows:

| 12 months to 31 st December 2025 | 12 months to 31 st December 2024
Industrial | £3,671,238 | £6,802,062
Flooring | £9,240,240 | £7,146,180
Total | £12,911,478 | £13,948,242

Industrial - includes vessel linings, refractory, and pipework. Market conditions have resulted in a difficult year for the division particularly in respect to vessels and refractory work, with high energy prices and tariffs continuing to dominate the business landscape in the UK. In particular this is having an impact on the Industrial Sector where we have seen a reduction in capital spend as customers remain extremely cautious with the economic climate moving forward. The pipework business, however, has recovered strongly in Q3/4 25 with an excellent pipeline of work for 2026. We have also identified a number of major projects that will be developed over the medium term in the Industrial sector which we are actively pursuing.

Flooring – A very strong performance in the year both in the UK and Ireland delivering increased revenue well above budget. The Division also ends the year with an excellent pipeline of work particularly in the pharmaceutical, food & beverage and motor sectors. This work extends throughout 2026.

A well-balanced portfolio across our diverse ranges of services also provides for a blended turnover to allow smoothing peaks and troughs across each division without affecting the group’s overall performance and results.

The company also ends the year with £4.6m of work already secured for year-ending December 26 with a further £3.4m of opportunities clearly identified. Moving forward, we have a robust pipeline of work opportunities across each operating division.

Ancorite Surface Protection Limited
Strategic report (continued)
For the year ended 31 December 2025
- 2 -
Principal risks and uncertainties

Difficult trading conditions in the Industrial sector continue due to tariffs and high energy prices and associated lack of investment in the sector. This is making it difficult to forecast when the current downturn will end in the short to medium term and when we would anticipate the market to begin to recover.

An aging workforce, remains a challenge however we are actively investing in training and development to attract new people into the business.

Financial instrument risk

We operate robust systems and processes that require a stringent review of Clients including credit checks and sign-off authorisation pre-contract, detailed monthly business unit and project reviews and rigorous debt management.

Cashflow Risk

The company aims to mitigate cashflow risk by managing cash generated by its operations. Cash flow forecasts are updated and reviewed on a weekly basis and authorisation limits are in place for all types of expenditure.

Foreign currency

The company’s transactions are predominately in UK Sterling, US Dollars, and Euros. The company seeks to mitigate the effect of its structural currency exposure by purchasing in the same functional currency as it sells. The company does not hedge any currency exposure.

Credit risk

The company’s objective is to reduce the risk of financial loss due to a customers’ failure to honour its obligations. All customers are subject to strict credit control procedures and each customer has an appropriate credit limit set.

Price risk

The company aims to manage its price risk by maintaining excellent working relationships with its suppliers and keeping to agreed payment terms. Authorisation limits are in place for purchases and there are constant reviews of potential price increases at appropriate levels throughout the business.

Development and performance

A robust 3-year strategic business plan is in operation with the key objectives to provide long-term sustainable revenue and cash backed profit all delivered within a safe working environment. It includes a detailed succession plan to future proof the business moving forward. This year has seen the promotion of Steven Clark to the Board as Operations Director for the Industrial business division which demonstrates the success of our succession plan encouraging promotion from within the organisation. The Directors are therefore confident that the year ahead will be successful, especially given the level of orders already secured.

Key performance indicators

The directors monitor progress with reference to the following key performance indictors:

| 31st Dec 2025 | 31st Dec 2024
Gross Profit as a % of turnover | 30.4% | 32%
Operating Profit as a % of turnover | 8.6% | 10.6%
Average month-end cash | £1.17m | £1.20m

On behalf of the board

Mr M Nicholson
Director
10 March 2026
Ancorite Surface Protection Limited
Directors' report
For the year ended 31 December 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the supply of anti-corrosion wall, floor and tank linings.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,000,419. The directors do not recommend payment of a final dividend.

Directors

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

Mr M Nicholson
Mr A Frain
(Resigned 28 March 2025)
Mr A Cummings
Mr M P Hunter
Mr Steven Clark
(Appointed 28 March 2025)
Auditor

In accordance with the company's articles, a resolution proposing that DJH Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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 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; and

- 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Ancorite Surface Protection Limited
Directors' report (continued)
For the year ended 31 December 2025
- 4 -
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 company’s auditor 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 company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M Nicholson
Director
10 March 2026
Ancorite Surface Protection Limited
Independent auditor's report
To the members of Ancorite Surface Protection Limited
- 5 -
Opinion

We have audited the financial statements of Ancorite Surface Protection Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 company's affairs as at 31 December 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 opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

Ancorite Surface Protection Limited
Independent auditor's report (continued)
To the members of Ancorite Surface Protection Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the 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.

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 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, 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 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations through making enquiries of management and reviewing legal and professional fee invoices.

Ancorite Surface Protection Limited
Independent auditor's report (continued)
To the members of Ancorite Surface Protection Limited
- 7 -

We assessed the susceptibility of the 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 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.

To address the risk of fraud through management bias and override of controls, we:

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

- tested journal entries posted during the period and at the period end to identify unusual transactions;

- investigated the rationale behind significant or unusual transactions;

- performed walkthrough tests on major transaction cycles; and

- performed detailed testing on the significant accounting estimates used by management in evaluating long term contract progress and profitability.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing legal and professional fees incurred during the period to identify any potential indications of non-compliance with laws and regulations.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

Joanne Beamish ACA FCCA
Senior Statutory Auditor
For and on behalf of DJH Audit Limited
10 March 2026
2026-03-10
Accountants
Statutory Auditor
St George's House
56 Peter Street
Manchester
M2 3NQ
Ancorite Surface Protection Limited
Statement of comprehensive income
For the year ended 31 December 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
12,911,476
13,948,243
Cost of sales
(8,982,075)
(9,525,573)
Gross profit
3,929,401
4,422,670
Administrative expenses
(2,815,539)
(2,945,019)
Operating profit
4
1,113,862
1,477,651
Interest receivable and similar income
6
30,002
47,113
Interest payable and similar expenses
7
(650)
-
0
Profit before taxation
1,143,214
1,524,764
Tax on profit
8
(324,002)
(421,776)
Profit for the financial year
819,212
1,102,988

The income statement has been prepared on the basis that all operations are continuing operations.

Ancorite Surface Protection Limited
Statement of financial position
As at 31 December 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Current assets
Stocks
10
73,047
68,341
Debtors
11
2,984,942
4,041,381
Cash at bank and in hand
931,666
976,159
3,989,655
5,085,881
Creditors: amounts falling due within one year
12
(1,801,283)
(2,375,233)
Net current assets
2,188,372
2,710,648
Provisions for liabilities
Provisions
13
258,159
599,228
(258,159)
(599,228)
Net assets
1,930,213
2,111,420
Capital and reserves
Called up share capital
15
400,000
400,000
Profit and loss reserves
16
1,530,213
1,711,420
Total equity
1,930,213
2,111,420

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

The financial statements were approved by the board of directors and authorised for issue on 10 March 2026 and are signed on its behalf by:
Mr M Nicholson
Director
Company registration number 02393313 (England and Wales)
Ancorite Surface Protection Limited
Statement of changes in equity
For the year ended 31 December 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
400,000
1,738,101
2,138,101
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,102,988
1,102,988
Dividends
9
-
(1,129,669)
(1,129,669)
Balance at 31 December 2024
400,000
1,711,420
2,111,420
Year ended 31 December 2025:
Profit and total comprehensive income
-
819,212
819,212
Dividends
9
-
(1,000,419)
(1,000,419)
Balance at 31 December 2025
400,000
1,530,213
1,930,213
Ancorite Surface Protection Limited
Notes to the financial statements
For the year ended 31 December 2025
- 11 -
1
Accounting policies
Company information

Ancorite Surface Protection Limited is a private company limited by shares incorporated in England and Wales. The registered office is Millbuck Way, Ettiley Heath, Sandbach, Cheshire, England, CW11 3AB.

1.1
Basis of preparation

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 cover the company as an individual entity, have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This 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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Ancorite Holdings Ltd. These consolidated financial statements are available from its registered office, Millbuck Way, Ettiley Heath, Sandbach, Cheshire, CW11 3AB.

1.2
Going concern

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

1.3
Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, after discounts and rebates, excluding value added tax and other sales taxes.

Ancorite Surface Protection Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
- 12 -
Other income

Contract Turnover

Amounts recoverable on construction contracts are included in debtors and are valued, inclusive of profit, at work completed at contract prices plus variations. Any work invoiced in advance of the work being completed is recorded in creditors. The value of work completed is based on surveys of work performed and management's judgement.

Turnover and costs on contracts are recognised as activity progresses once the outcome can be assessed with reasonable certainty. Full provision is made for anticipated future losses. Where contract payments received exceed amounts recoverable, these amounts are included in creditors.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, loans to fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Ancorite Surface Protection Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Ancorite Surface Protection Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
- 14 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Strandard 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.

Ancorite Surface Protection Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provisions

Cost provisions are recognised in the anticipation of extra works on long term contracts work that are to be incurred in order to receive final settlement.

Valuations of contracts

Management review each construction contract ongoing at the year end in order to obtain an estimated valuation of the work completed to date and subsequently the profit to recognise. Management recognise profit on contracts once the outcome can be measured with reasonable certainty.

3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
10,399,543
12,030,346
Rest of World
2,511,933
1,917,897
12,911,476
13,948,243
2025
2024
£
£
Other revenue
Interest income
30,002
47,113
Ancorite Surface Protection Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
- 16 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
8,302
180
Fees payable to the company's auditor for the audit of the company's financial statements
31,300
29,800
Operating lease charges
105,235
117,282
5
Employees

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

2025
2024
Number
Number
Production
31
42
Admin
19
21
Total
50
63

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,514,102
3,957,975
Social security costs
396,180
400,157
Pension costs
76,840
135,403
3,987,122
4,493,535
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
30,002
47,113
7
Interest payable and similar expenses
2025
2024
£
£
Other interest
650
-
0
Ancorite Surface Protection Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
- 17 -
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
248,410
361,593
Adjustments in respect of prior periods
36,675
-
0
Total UK current tax
285,085
361,593
Foreign current tax on profits for the current period
38,917
60,183
Total current tax
324,002
421,776

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
1,143,214
1,524,764
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
285,804
381,191
Tax effect of expenses that are not deductible in determining taxable profit
1,523
5,860
Double tax relief
-
0
15,045
Other non-reversing timing differences
-
0
19,680
Over/under provision of tax
36,675
-
0
Taxation charge for the year
324,002
421,776
9
Dividends
2025
2024
£
£
Interim paid
1,000,419
1,129,669
10
Stocks
2025
2024
£
£
Finished goods and goods for resale
73,047
68,341
Ancorite Surface Protection Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
- 18 -
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,739,727
3,715,538
Amounts owed by group undertakings
53,748
81,965
Prepayments and accrued income
72,264
147,543
2,865,739
3,945,046
2025
2024
Amounts falling due after more than one year:
£
£
Trade debtors
119,203
96,335
Total debtors
2,984,942
4,041,381
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,048,729
1,610,259
Corporation tax
72,282
101,643
Other taxation and social security
338,278
398,247
Other creditors
60,126
126,931
Accruals and deferred income
281,868
138,153
1,801,283
2,375,233
13
Provisions for liabilities
2025
2024
£
£
Contract cost provision
258,159
599,228
Movements on provisions:
Contract cost provision
£
At 1 January 2025
599,228
Reversal of provision
(341,069)
At 31 December 2025
258,159
Ancorite Surface Protection Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
13
Provisions for liabilities
(Continued)
- 19 -

The contract cost provision relates to estimated future costs to be incurred on the completion of contracts based on the expected profitability of each contract.

14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
76,840
135,403

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

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
400,000
400,000
400,000
400,000

Each share carries voting rights. There is no right to participate in a distribution of capital except on a winding up.

16
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
1,711,420
1,738,101
Profit for the year
819,212
1,102,988
Dividends declared and paid in the year
(1,000,419)
(1,129,669)
At the end of the year
1,530,213
1,711,420

Retained earnings are made up for accumulated profits less accumulated losses and distributions to shareholders.

17
Operating lease commitments
As lessee
Ancorite Surface Protection Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
17
Operating lease commitments
(Continued)
- 20 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
85,630
124,969
Years 2-5
66,528
114,827
152,158
239,796
18
Related party transactions

During the year, the company made purchases from other group companies of £274,684 (December 2024 - £308,088) and sales of £23,957 (December 2024 - £32,032). The balance owed to this company at the period end is £120,195 (December 2024 - £5,924). They are owed balances from group companies of £11,356 (December 2024 - £0)

19
Ultimate controlling party

The parent company is Ancorite Holdings Ltd which owns 100% of the ordinary share capital. Ancorite Holdings Limited is incorporated in England, and has its registered office at Millbuck Way, Ettiley Heath, Sandbach, Cheshire, CW11 3AB.

The ultimate parent company is Steuler Holding GMBH, a company incorporated in Germany with the registered office of Georg-Steuler-Str, 56203, Hohr-Grenzhausen.

In the opinion of the directors, there is no ultimate controlling party.

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