Company registration number 01864711 (England and Wales)
WILLIAMS TRADE SUPPLIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2025
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
WILLIAMS TRADE SUPPLIES LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 6
Directors' report
7 - 10
Independent auditor's report
11 - 14
Statement of comprehensive income
15
Balance sheet
16
Statement of changes in equity
17
Statement of cash flows
18
Notes to the financial statements
19 - 41
WILLIAMS TRADE SUPPLIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
M. Williams
R. Stafford
R. Moore
M. Brown
P. Moss
I. Preedy
P. Skilton
G. Barnetson
Company number
01864711
Registered office
Unit 13 Standard Way
Fareham
Hampshire
United Kingdom
PO16 8XB
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
WILLIAMS TRADE SUPPLIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

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

Principal activities, objectives and business model

The principal activity of the company is the wholesaling of plumbing, heating and ancillary materials via a network of branches and an ecommerce platform. The company's operations are wholly conducted in the UK.

The company aims to achieve sustainable benefits for its members by being the best plumbers' merchant in Britain for self employed tradespeople and small firms, and by being the best employer in its sector, achieving this through developing long-term customer and supplier relationships, regular review of its product selection and pricing, and benchmarking its working conditions and remuneration.

Review of the business and financial position

The year ended 30 November 2025 represents a decisive structural recovery in the c ompany’s financial performance. Following the strategic reset implemented in Financial Year(FY) 24 and executed during FY25 the business delivered its strongest year-on-year improvement in operating result and profit before taxation in over a decade. Gross margin saw its strongest improvement since 2021, administrative expenses reduced for the first time in more than ten years, and EBITDA improved by £3.541m, moving from a loss of £2.682m to a profit of £0.859m. Net debt reduced by 38% and capital intensity declined significantly. These statutory results demonstrate that the underlying economics of the business have been reset and that operating discipline, earnings quality and balance sheet resilience have improved in a sustained and measurable manner.

Key financial metrics

| FY25 | FY24 | Change
Revenue | £110.958m | £118.968m | (£8.010m)
Gross margin | 22.8% | 21.3% | +1.5%
Administrative expenses | £25.20 9 m | £28.890m | (£3.68 1 m)
EBITDA | £0.8 59 m | (£2.682m) | +£3.54 1 m
Loss before tax | (£0.52 5 m) | (£4.222m) | +£3.69 7 m
Inventory | £13.135m | £17.764m | (£4.629m)
Net debt | £3.175m | £5.094m | (£1.919m)
Cash at bank | £4.254m | £1.705m | +£2.549m

EBITDA – Earnings Before Interest Tax Depreciation and Amortisation is not a statutory measure and is reconciled within the financial statements.

These movements reflect structural improvement rather than cyclical fluctuation and confirm that the decisions taken in the prior year and executed in the year under review have been effectively embedded.

WILLIAMS TRADE SUPPLIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
Revenue, margin and operating performance

Turnover for the year was £110.958m compared with £118.968m in the prior year, a reduction of 6.7%. The decline reflects continued softness in the United Kingdom repair, maintenance and improvement (RMI) market together with the deliberate closure of five underperforming branches following the FY24 network review. The objective for FY25 was not to preserve revenue at any cost but to improve its economic quality. The expansion in gross margin and restoration of operating leverage demonstrate that this objective has been achieved.

Cost of sales amounted to £85.682m, resulting in gross profit of £25.276m. Gross margin increased from 21.3 per cent to 22.8%, the strongest improvement since 2021. This reflects enhanced procurement alignment, including the part-year benefit of membership of the Plumbing and Heating Group (PHG), improved pricing discipline and more effective product mix management. Margin expansion in a period of lower revenue evidences structural strengthening of trading control.

Administrative expenses reduced to £25.20 9 m from £28.890m, a reduction of £3.68 1 m (12.7%). Administrative expenses as a proportion of turnover reduced from 24.3% to 22.7%, restoring operating leverage to the business model. This represents permanent cost realignment and materially improves earnings sensitivity to revenue recovery.

Loss before taxation reduced from £4.222m to £0.52 5 m, a £3.69 7 m (87.6%) year-on-year improvement and the largest improvement in operating performance in at least ten years. The £3.541m improvement in EBITDA demonstrates that the core trading engine of the business has stabilised and is generating positive operating contribution.

Inventory optimisation and liquidity

Working capital discipline strengthened materially in the year. Inventory reduced from £17.764m in November 2024 to £13.135m in November 2025, a reduction of £4.629m (26%). Inventory as a proportion of turnover reduced from 14.9% to 11.8% thereby lowering capital intensity and strengthening the balance sheet. Debtor balances remained stable at £27.630m and creditors due within one year reduced to £27.138m, reflecting controlled working capital management.

Cash generated from operations amounted to £2.70 5m. Cash at bank increased by 149% from £1.705m to £4.254m. Net debt reduced from £5.094m to £3.175m, a reduction of 38% (£1.919m). Liquidity has strengthened materially, and leverage reduced meaningfully over the course of the year.

Branch network review, property strategy and lease commitments

Consistent with the approach outlined in the FY24 s trategic r eport, the b oard maintains a continuous and disciplined review of the branch network and property portfolio to ensure that the c ompany’s operational footprint remains aligned with sustainable profitability, efficient service delivery, and long-term strategic priorities.

Following a detailed assessment of branch-level performance undertaken during the year, the d irectors approved a decision in late November 2025 not to renew the lease on one underperforming branch when the existing lease expires in April 2026. The branch has traded at a sustained and material loss over a prolonged period, driven by structural factors including deterioration in site accessibility and a significant increase in rental costs proposed on renewal. The decision was taken prior to the year end and reflects a targeted intervention to protect the performance of the wider business.

WILLIAMS TRADE SUPPLIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -
Branch network review, property strategy and lease commitments (continued)

During the year, the c ompany also made significant progress in resolving legacy lease obligations arising from branches closed in prior periods. Leases relating to two previously closed locations were successfully assigned to third parties following formal landlord consent and assessment of the assignees’ financial standing. In each case, the d irectors concluded that the assignments had substantively extinguished the c ompany’s ongoing obligations, and accordingly the associated onerous lease provisions were released, as it was no longer probable that an outflow of economic benefits would be required to settle those obligations, consistent with the requirements of FRS 102 Section 21.

Taken together, these actions demonstrate a balanced, proactive and disciplined approach to property and lease management, combining decisive intervention where locations are no longer viable with active mitigation and release of legacy exposures where risk has been substantively transferred.

Stakeholder considerations and long-term sustainability

In determining the pace and scale of the restructuring and capital realignment undertaken across FY24 and embedded in FY25, the b oard considered the long-term sustainability of the c ompany and the interests of its key stakeholders. Operational capability was preserved while the cost base was reset, supplier relationships strengthened through improved procurement alignment and service standards maintained during the inventory optimisation programme. The improvement in profitability, leverage and liquidity reflects decisions taken to secure long-term resilience rather than short-term presentation.

Outlook

The principal risks facing the c ompany remain consistent with those outlined in FY24, including macroeconomic uncertainty, supply-chain volatility, and demand conditions within the RMI sector.

The strategic decisions taken in FY24 and embedded during FY25 have materially reduced the c ompany’s exposure to these risks, particularly through reduced capital intensity, improved margin resilience and strengthened liquidity.

The d irectors believe the c ompany has entered a credible and sustainable recovery trajectory, underpinned by improved underlying profitability, strong cash generation and a more resilient operating model. The d irectors expect the c ompany to return to pretax profitability in FY26.

While external market conditions remain uncertain, the c ompany is demonstrably better positioned to navigate volatility and deliver sustainable long-term value.

WILLIAMS TRADE SUPPLIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 5 -
Directors' statement of compliance with duty to promote the success of the company

This statement by the board of directors describes how they have approached their responsibilities under section 172(1)(a) to (f) of the Companies Act 2006 in the financial period ending 30 November 2025.

The directors promote the success of the company for the benefit of the sole shareholder and that of the shareholders of its ultimate parent (Williams Trade Supplies Holdings Limited) whilst taking into account, amongst other matters, the items outlined below.

Consequences of any decision in the long term

The board monitor and review strategic objectives against long-term growth plans. Regular reviews are held across key business areas including financial performance, risks and opportunities, health and safety, human resources and operations. The company's performance and progress are reviewed regularly at branch, department, senior leadership team and board level, and plans, policies and behaviours are checked against our values and strategic goals.

Interests of the company's employees

The company promises to treat colleagues fairly, pay them well, support them when they need it and provide all the training and resources that they need to do a great job. The company is determined to put people before profit, to tackle problems head on, and to drive out bullying, workplace politics and negativity. The culture of the company stems from everyone living its values every day and requires honest people working together with mutual respect to achieve ambitious goals.

Given this culture and the strategic changes experienced by the company in FY25, the directors were particularly pleased that the company was named one of the Top 100 Large Best Companies to Work for in 2025 coming 78th nationally, 4th in retail and 60th in the South East.

Business relationships with suppliers, customers and others

The company asks only three things of its customers - be a genuine tradesperson, do not be abusive and pay your bill in full and on time. Everything else is down to us. We place a high value on longstanding mutually profitable business relationships with our suppliers and promise to promote our suppliers' products to the very best of our ability. All our shareholders are either current or retired employees and therefore the company’s relationship with its shareholders is a much deeper one than most businesses have with their investors.

The impact of the company's operations on the community and the environment

The company strives to be a good corporate citizen and to manage our business in a way that supports the communities in which we operate and minimises any negative impacts on the environment.

Maintaining a reputation for high standards of business conduct

Integrity is the first value of the organisation and the company and its management team choose to do the right thing because it is the right thing to do, even when it is not easy, and even when no-one would know if we compromised. Of no lesser importance is our second value of loyalty. We look after the people who look after us. This includes staff, customers, suppliers and other stakeholders. Loyalty is a two-way street, and we place a high premium on mutually beneficial long-term relationships. Finally, we are tenaciously ambitious and constantly strive to raise the bar in everything that we do.

WILLIAMS TRADE SUPPLIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 6 -

Fairness Between Members

The company is wholly owned by its parent undertaking. The directors have regard to the need to act fairly as between members by ensuring decisions are made in line with the parent’s strategic objectives, with appropriate governance and oversight to promote long-term value. No actions are taken that favour one part of the group at the expense of another.

On behalf of the board

M. Brown
Director
9 March 2026
WILLIAMS TRADE SUPPLIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -

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

Results and dividends

The results for the year are set out on page 15.

The directors have considered the financial position of the company and have decided not to recommend the payment of a dividend for the year ended 30 November 2025 (2024 - £nil).

Directors

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

M. Williams
R. Stafford
R. Moore
M. Brown
P. Moss
I. Preedy
P. Skilton
G. Barnetson
Disabled persons

The company is committed to ensuring equal opportunities for all employees, including those with disabilities. It seeks to provide appropriate training, career development, and support for disabled employees. Where employees become disabled during their employment, the company makes reasonable adjustments to accommodate their needs and ensure continued employment wherever possible.

Employee involvement

The company's policy is to consult and discuss with employees matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

WILLIAMS TRADE SUPPLIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
Energy and carbon report

Statement of carbon emissions in compliance with Streamlined Energy and Carbon Reporting (SECR)

2025 2024

Total energy use covering electricity, gas and transport (kWh) 3,551,570 3,736,226

Total emissions generated through combustion of gas (tCO2e) 45 49

Total emissions generated through use of purchased electricity (tCO2e) 175 217

Total emissions generated through use of other fuels (tCO2e) - -

Total emissions generated through transport fuel (tCO2e) 636 607

Total carbon emissions well-to-tank for transport fuel (tCO2e) 210 210

Total carbon emissions transmission and distribution (tCO2e) 18 19

Total gross emissions (tCO2e) 1,085 1,102

Intensity ratio (total gross emissions in kgCO2e per sqft) 3.32 2.78

Methodology

SECR methodology as specified in 'Environmental Reporting Guidelines: including Streamlined Energy and Carbon Reporting and carbon reporting guidance' used in conjunction with the latest UK Government GHG Conversion Factors for Company Reporting.

The calculations have been approved by a PAS51215 compliant body.

Estimations

Estimations were used for sites Bognor and Smethwick. These were calculated using comparative branches, based on sqft – Bognor (Bedford) and Smethwick (Gillingham).

Scope contents

Scope 1 emissions

Direct emissions resulting from activities owned or controlled by our organisation.

1. Natural gas

2. Other fuels

3. Refrigerant gases

4. Bioenergy

5. Company owned vehicle business travel

Scope 2 emissions

Indirect emissions resulting from our consumption of purchased electricity, heat, steam and cooling.

1. Electricity

o Location based

o Market based

2. Heat and steam

WILLIAMS TRADE SUPPLIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -

Scope 3 emissions

Other indirect emissions resulting as a consequence of our actions that occur at sources we do not own or control and are not classed as Scope 2 emissions.

1. Private vehicle business travel

2. Transmission and Distribution (associated with grid loss)

3. Well to Tank (associated with extraction, refining and transportation of raw fuels prior to the

generation of electricity, combustion or manufacture of fuel)

Energy saving measures

We are committed to responsible carbon management and will practise energy efficiency throughout our organisation, wherever it’s cost effective. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.

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;

- 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 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.

Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

WILLIAMS TRADE SUPPLIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 10 -
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.

On behalf of the board
M. Brown
Director
9 March 2026
WILLIAMS TRADE SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLIAMS TRADE SUPPLIES LIMITED
- 11 -
Opinion

We have audited the financial statements of Williams Trade Supplies Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 30 November 2025 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

WILLIAMS TRADE SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILLIAMS TRADE SUPPLIES LIMITED
- 12 -

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

WILLIAMS TRADE SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILLIAMS TRADE SUPPLIES LIMITED
- 13 -

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

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

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the 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, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities 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.

WILLIAMS TRADE SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILLIAMS TRADE SUPPLIES LIMITED
- 14 -

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.

Tom Harris ACA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
9 March 2026
Office: Portsmouth
WILLIAMS TRADE SUPPLIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
2025
2024
Notes
£'000
£'000
Turnover
4
110,958
118,968
Cost of sales
(85,682)
(93,598)
Gross profit
25,276
25,370
Administrative expenses
(25,209)
(28,890)
Operating profit/(loss)
5
67
(3,520)
Interest payable and similar expenses
9
(592)
(702)
Loss before taxation
(525)
(4,222)
Tax on loss
10
100
1,029
Loss for the financial year
(425)
(3,193)

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The notes on pages 19 to 41 form part of these financial statements
WILLIAMS TRADE SUPPLIES LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 16 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
11
66
131
Tangible assets
12
2,619
3,433
2,685
3,564
Current assets
Stocks
13
13,135
17,764
Debtors
14
27,630
27,631
Cash at bank and in hand
4,254
1,705
45,019
47,100
Creditors: amounts falling due within one year
15
(27,138)
(28,286)
Net current assets
17,881
18,814
Total assets less current liabilities
20,566
22,378
Creditors: amounts falling due after more than one year
16
(133)
(264)
Provisions for liabilities
18, 20
(1,756)
(3,012)
Net assets
18,677
19,102
Capital and reserves
Called up share capital
21
5
5
Share premium account
48
48
Capital redemption reserve
1
1
Profit and loss reserves
18,623
19,048
Total equity
18,677
19,102
The financial statements were approved by the board of directors and authorised for issue on 9 March 2026 and are signed on its behalf by:
M. Brown
G. Barnetson
Director
Director
Company Registration No. 01864711
The notes on pages 19 to 41 form part of these financial statements
WILLIAMS TRADE SUPPLIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£'000
£'000
£'000
£'000
£'000
Balance at 1 December 2023
5
48
1
22,241
22,295
Year ended 30 November 2024:
Loss and total comprehensive income
-
-
-
(3,193)
(3,193)
Balance at 30 November 2024
5
48
1
19,048
19,102
Year ended 30 November 2025:
Loss and total comprehensive income
-
-
-
(425)
(425)
Balance at 30 November 2025
5
48
1
18,623
18,677

The notes on pages 19 to 41 form part of these financial statements.

WILLIAMS TRADE SUPPLIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
26
2,705
4,201
Interest paid
(592)
(702)
Income taxes (paid)/refunded
(1)
408
Net cash inflow from operating activities
2,112
3,907
Investing activities
Purchase of intangible assets
(7)
(42)
Purchase of tangible fixed assets
(201)
(168)
Proceeds from disposal of tangible fixed assets
15
15
Net cash used in investing activities
(193)
(195)
Financing activities
Increase/(decrease) in borrowings
789
(2,241)
Payment of finance leases obligations
(159)
(168)
Net cash generated from/(used in) financing activities
630
(2,409)
Net increase in cash and cash equivalents
2,549
1,303
Cash and cash equivalents at beginning of year
1,705
402
Cash and cash equivalents at end of year
4,254
1,705

The notes on pages 19 to 41 form part of these financial statements.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
1
Accounting policies
Company information

Williams Trade Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 13 Standard Way, Fareham, Hampshire, United Kingdom, PO16 8XB.

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 £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of Williams Trade Supplies Holdings Limited. These consolidated financial statements are available from Companies House.

1.2
Going concern

The true d irectors have assessed the company’s ability to continue as a going concern, taking into account its current financial position, performance, and forecast cash flows for a period of at least 12 months from the date of approval of these financial statements.

The assessment has considered both a base-case scenario and a severe but plausible downside scenario, reflecting slower-than-expected revenue recovery, delays in expected margin improvements, and sustained inflationary cost pressures. Management has modelled the impact of these scenarios on the company’s forecast trading, liquidity, and facility headroom.

As part of this review, the d irectors have considered various mitigating actions available to them, including cost reduction plans, supplier renegotiation, and tighter working capital management. The company continues to benefit from access to committed commercial finance facilities, including a scalable invoice discounting facility, and has demonstrated proactive cash preservation and risk reduction measures.

Based on the above assessment, and having reviewed the company’s liquidity and facility position, the d irectors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, these financial statements have been prepared on a going concern basis.

1.3
Turnover

Turnover is measured at the fair value of consideration received or receivable, net of refunds and discounts. Value added tax and other sales taxes collected on behalf of the tax authority are excluded. Turnover is earned predominately from the sales of goods (plumbing and heating supplies).

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 20 -

Sale of goods

Goods are sold in branches and via the c ompany’s website. Turnover from these sales is recognised when:

• the buyer has obtained the significant risks and rewards of ownership of the goods

• the c ompany has no significant continuing involvement

• the amount of turnover and associated costs can be measured reliably; and

• it is probable that the c ompany will receive the consideration

For branch sales these criteria are considered to be met at the point of sale to the customer. Website sales are recognised at the point of acceptance of the goods by the customer when delivered or collected. At these points, the c ompany’s only exposure is to customer returns and standard warranty costs, for which it is able to make a reliable estimate of the related costs.

Sales to customers are subject to a right to return in accordance with our returns policy and standard warranty terms. Returns and warranty costs are estimated using past experience and expected future trends. They are recognised at the point of sale and recorded as a provision.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
5 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Leasehold Property Improvements
10% straight line
Plant & Equipment
10-20% straight line
Computer Equipment
20-33% straight line
Motor Vehicles
20% straight line

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 credited or charged to profit or loss.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs incurred to bring each product into the company on an average cost basis. Net realisable value is based on estimated selling price.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. The commercial finance facility is shown within borrowings in current liabilities.

1.9
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 balance sheet 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.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 22 -
Basic financial assets

Basic financial assets, which include debtors 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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 23 -
Derecognition of financial liabilities

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

1.10
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.

1.11
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 profit and loss account 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.

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 profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.12
Provisions

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable, and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, considering the related risks and uncertainties. The related changes in the provision are generally charged as an expense to the Statement of Comprehensive Income.

Payments made in full or part settlement and reversals are set off against the related provision and reported as amounts utilised in the notes to the accounts.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 24 -
1.13
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.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.16
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.

1.17

Supplier rebates

Rebates from suppliers are accounted for in the period in which they are earned based on commercial agreements with suppliers. Rebates earned are predominantly purchase volume incentives based on the preceding quarter, or annual, purchases and fixed price discounts. Rebate income received or receivable are deducted from the cost of inventory and therefore reduce cost of sales in the Statement of Comprehensive Income when the goods are sold.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 25 -
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.

In the opinion of the directors the following are significant judgements or areas of estimation uncertainty:

Critical judgements

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

Lease classification

The Company enters into a significant number of leases for properties, vehicles and other equipment used in the course of business. Leases are required to be classified as either finance leases, which give rise to asset and liability recognition or operating leases, which result in expense recognition. When classifying a lease, judgement is applied as to whether the lease substantially transfers the risks and rewards of ownership.

Uncertain tax positions and recoverability of deferred tax assets

The company’s tax position involves judgement in determining the recognition and measurement of current and deferred tax balances.

Uncertain tax positions arise where there is a risk that tax authorities may take a different interpretation of tax laws or challenge certain tax treatments applied by the company. The company assesses these positions based on tax legislation, historical outcomes of tax audits, and advice from professional advisers. Provisions are recognised where it is probable that additional tax will be payable.

The recognition of deferred tax assets depends on management’s assessment of the company’s ability to generate sufficient future taxable profits to utilise carried-forward tax losses and other deductible temporary differences. This assessment considers forecast profitability, tax planning strategies, and any expiry periods of tax losses.

Deferred tax assets are reviewed at each reporting date, and if future taxable profits are no longer considered probable, the asset is reduced accordingly. Given the inherent uncertainty in forecasting future profits, actual realisation may differ, affecting future tax charges and the carrying value of the deferred tax asset.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 26 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock Provision

The company maintains a stock provision in order to ensure that stock is recognised at the lower of cost and net realisable value. The provision is reviewed on a regular basis. The company uses specific criteria to calculate stock provisions, but establishing the criteria requires significant judgement. The company estimates the required provision by using two methods:

a) by reviewing the current selling price of products with reference to both current market information and their own sales data; and

b) by reviewing the quantities of stock lines held compared to sales over recent periods to ensure that the provision of obsolete and slow moving stock lines is adequate, bearing in mind the nature of the products.

Dilapidations

Under the terms of lease agreements, the company is required to restore lease properties to their original condition at the end of the lease term. A dilapidations provision is recognised for estimated costs to be incurred in meeting these obligations. This estimate involves an assessment of expected costs per square metre applied to the branch size and the expected exit period for the current portfolio, and is based on management’s best estimate, taking into account knowledge of the property market and historical trends.

Onerous leases

The company assesses its lease agreements for any locations where the unavoidable costs of meeting lease obligations exceed the expected economic benefits derived from those locations. An analysis of under-performing branches is performed, and a judgement made as to whether the branch is likely to recover its position or remain under-performing. If a lease is identified as onerous, a provision is recognised.

Tangible fixed assets

The determination of the useful economic lives and residual values of tangible fixed assets involve management judgement based on past experience, industry standards, and expected usage patterns.

Useful economic lives are estimated based on the anticipated period over which an asset will generate economic benefits for the company.

Residual values are based on expectations of the asset’s disposal value at the end of its useful life, considering market conditions and historical disposal values.

These estimates are reviewed annually and revised if circumstances indicate a significant change in the expected useful life or residual value. Changes to these estimates are applied prospectively in the financial statements from the date of revision. Actual asset lives and residual values may differ, impacting depreciation charges and carrying values in future periods.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 27 -
3
Exceptional item

In the prior period, the directors considered that certain costs associated with a strategic branch network review were exceptional items. Exceptional Items are those which are material in size or unusual in nature or incidence and were presented separately on the face of the Statement of Comprehensive Income. In the current period, the directors having reviewed the company's expenditure have concluded that there are no e xceptional items to disclose.

4
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£'000
£'000
Turnover analysed by geographical market
United Kingdom
110,958
118,968

All t urnover derives from the sale and hire of plumbing and heating goods.

5
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£'000
£'000
Depreciation of owned tangible fixed assets
630
649
Depreciation of tangible fixed assets held under finance leases
90
97
Loss/(profit) on disposal of tangible fixed assets
280
(17)
Amortisation of intangible assets
72
92
Impairment of stocks recognised or reversed
(215)
137
Operating lease charges
4,144
4,437
EBITDA - Earnings before interest, taxation, depreciation and amortisation
EBITDA is a non-GAAP measure used by the directors to assess the underlying operating performance of the company. It is not defined under UK Generally Accepted Accounting Practice and may not be comparable with similarly titled measures reported by other entities.
2025
2024
£'000
£'000
Operating profit/(loss)
67
(3,520)
Depreciation of owned tangible assets
630
649
Depreciation of tangible fixed assets held under finance leases
90
97
Amortisation of intangible assets
72
92
EBITDA
859
(2,682)
WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 28 -
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
29
28
For other services
Taxation compliance services
2
2
All other non-audit services
1
1
3
3
7
Employees

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

2025
2024
Number
Number
Administrative & Management
61
66
Drivers
61
65
Warehouse & Branch
201
252
323
383

Their aggregate remuneration comprised:

2025
2024
£'000
£'000
Wages and salaries
10,949
11,338
Social security costs
1,215
1,044
Pension costs
290
311
12,454
12,693
WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 29 -
8
Directors' remuneration
2025
2024
£'000
£'000
Remuneration for qualifying services
716
668
Company pension contributions to defined contribution schemes
17
17
733
685

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£'000
£'000
Remuneration for qualifying services
167
167

The directors are considered to be key management personnel.

9
Interest payable and similar expenses
2025
2024
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on commercial finance facility
554
675
Interest on hire purchase contracts
22
23
576
698
Other finance costs:
Other interest
16
4
592
702
WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 30 -
10
Taxation
2025
2024
£'000
£'000
Deferred tax
Origination and reversal of timing differences
(165)
(12)
Tax losses carried forward
65
(1,017)
Total deferred tax
(100)
(1,029)

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

2025
2024
£'000
£'000
Loss before taxation
(525)
(4,222)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(131)
(1,056)
Tax effect of expenses that are not deductible in determining taxable profit
31
27
Taxation credit for the year
(100)
(1,029)

The company has carried forward tax losses totalling £3,807,271 (202 4 - £4,067,000) available for future use which do not expire under current UK tax legislation, subject to the availability of future taxable profits of the same trade. The deferred tax asset arising on the tax losses available for future use has been recognised in full as management fully expect future taxable profits on which they can be applied.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 31 -
11
Intangible fixed assets
Software
£'000
Cost
At 1 December 2024
383
Additions
7
At 30 November 2025
390
Amortisation and impairment
At 1 December 2024
252
Amortisation charged for the year
72
At 30 November 2025
324
Carrying amount
At 30 November 2025
66
At 30 November 2024
131
12
Tangible fixed assets
Leasehold Property Improvements
Plant & Equipment
Computer Equipment
Motor Vehicles
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 December 2024
3,678
3,189
2,036
1,066
9,969
Additions
139
-
0
62
-
0
201
Disposals
(382)
(281)
(3)
(334)
(1,000)
At 30 November 2025
3,435
2,908
2,095
732
9,170
Depreciation and impairment
At 1 December 2024
1,863
2,184
1,661
828
6,536
Depreciation charged in the year
323
214
147
36
720
Eliminated in respect of disposals
(206)
(178)
(3)
(318)
(705)
At 30 November 2025
1,980
2,220
1,805
546
6,551
Carrying amount
At 30 November 2025
1,455
688
290
186
2,619
At 30 November 2024
1,815
1,005
375
238
3,433
WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
12
Tangible fixed assets
(Continued)
- 32 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under hire purchase contracts. The depreciation charge in respect of such assets amounted to £90,050 (202 4 - £96,726) for the year.

2025
2024
£'000
£'000
Plant & Equipment
126
162
Mezzanine
9
11
Motor Vehicles
159
246
Computer Equipment
3
39
297
458
13
Stocks
2025
2024
£'000
£'000
Finished goods and goods for resale
13,135
17,764

Finished goods stock is shown net of an impairment allowance, which totals £342,822 (202 4 - £558,172). The associated impairment reversal has been recorded in cost of sales.

14
Debtors
2025
2024
Amounts falling due within one year:
£'000
£'000
Trade debtors
10,835
11,040
Amounts owed by group undertakings
13,845
13,844
Other debtors
8
26
Prepayments and accrued income
1,983
1,698
26,671
26,608
Deferred tax asset (note 20)
7
6
26,678
26,614
WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
14
Debtors
(Continued)
- 33 -
2025
2024
Amounts falling due after more than one year:
£'000
£'000
Deferred tax asset (note 20)
952
1,017
Total debtors
27,630
27,631

Trade debtors is shown net of a bad debt allowance, which totals £372,569 (2024 - £561,523). The associated movement has been recorded in administrative expenses.

At 30 November 2025 the company was owed £13,845,075 (2024 - £13,843,926) by its immediate parent undertaking, Williams Trade Supplies Holdings Limited. The balance is unsecured, interest free and repayable on demand. It is therefore classified within debtors falling due within one year. No guarantees have been given or received in respect of this balance. No impairment provision has been recognised against the amount due from the parent undertaking and no expense has been recognised in the year in respect of bad or doubtful debts.

15
Creditors: amounts falling due within one year
2025
2024
£'000
£'000
Commercial finance facility
7,192
6,403
Hire purchase agreements
17
104
132
Trade creditors
17,749
19,509
Corporation tax
18
18
Other taxation and social security
303
298
VAT
408
182
Deferred income
46
48
Accruals
1,318
1,696
27,138
28,286

The commercial finance facility is secured by fixed and floating charges under a debenture. Hire purchase agreements are secured against the assets to which they relate.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 34 -
16
Creditors: amounts falling due after more than one year
2025
2024
£'000
£'000
Hire purchase agreements
17
133
264

Hire purchase agreements are secured against the assets that they relate.

17
Finance lease and hire purchase obligations
2025
2024
Future minimum lease payments due under finance leases and hire purchase contracts:
£'000
£'000
Within one year
104
132
In two to five years
133
264
237
396

Finance lease payments represent rentals payable by the company for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The typical lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. All leases are secured on the assets to which they relate.

18
Provisions for liabilities
2025
2024
£'000
£'000
Dilapidations
856
884
Onerous leases
859
1,922
1,715
2,806
WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
18
Provisions for liabilities
(Continued)
- 35 -
Movements on provisions:
Dilapidations
Onerous leases
Total
£'000
£'000
£'000
At 1 December 2024
884
1,922
2,806
Additional provisions in the year
107
174
281
Release/utilisation of provision
(135)
(1,237)
(1,372)
At 30 November 2025
856
859
1,715

Dilapidations

A provision has been recognised for the estimated dilapidation costs on leased premises as at the balance sheet date, based on management's current best estimates using branch-specific benchmarks derived from historical data and third-party inputs. The provision will be reviewed periodically considering changes in the property portfolio.

The £28,000 movement in the provision has been recognised as a credit in the income statement for the year ended 30 November 2025 in accordance with FRS 102 Section 21 and is presented within Provisions for Liabilities on the balance sheet.

This is a non-cash accounting provision at the balance sheet date. The actual cash outflows will arise over future financial periods as lease properties are exited or reinstatement works are completed.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
18
Provisions for liabilities
(Continued)
- 36 -

Onerous leases

Management perform regular performance reviews of its branches. At the balance sheet date, an analysis of under-performing branches was undertaken, identifying a small number of branches operating at a sustained loss due to changes in local demand and other market factors. Based on management’s assessment that these losses were unlikely to reverse, a provision of £859,000 (2024 - £1,922,000) has been recognised for the unavoidable costs under the lease agreements as an onerous contract.

The provision represents the directors' best estimate of the net unavoidable costs associated with the remaining lease commitments of the closed branches. It has been calculated on an undiscounted basis, covering the period up to the earliest lease break or end date for each property. The amount includes expected future rent payments, service charges, business rates, and landlord insurance for the vacant properties, incorporating forecast inflationary increases over the remaining lease terms. Relief from empty property business rates has also been reflected where applicable.

The £1,063,000 movement in the provision has been recognised as a credit in the income statement for the year ended 30 November 2025 in accordance with FRS 102 Section 21 and is presented within Provisions for Liabilities on the balance sheet.

This is a non-cash accounting provision at the balance sheet date. The actual cash outflows will arise over future financial periods as lease payments fall due. The provision will be reviewed annually and adjusted if sublease agreements or assignments are secured, or lease terms are varied.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
307
328

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.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 37 -
20
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£'000
£'000
£'000
£'000
Accelerated capital allowances
41
206
-
-
Tax losses
-
-
952
1,017
Retirement benefit obligations
-
-
7
6
41
206
959
1,023
2025
Movements in the year:
£'000
Asset at 1 December 2024
(817)
Credit to profit or loss
(101)
Asset at 30 November 2025
(918)

Deferred tax balances have been calculated at the prevailing future corporation tax rate of 25% which came into effect from 1 April 2023 in order to accurately reflect the tax implications of the unwinding of deferred tax from the date of these financial statements.

The deferred tax liability in respect of accelerated capital allowances is expected to reverse over the course of the asset lives.

The deferred tax asset in respect of retirement benefit obligations is expected to reverse in the 12 months following the balance sheet date.

The company has approximately £3,807,271 of tax losses carried forward available for future use which do not expire under current UK tax legislation, subject to the availability of future taxable profits of the same trade.

The deferred tax asset in respect of these losses is expected to reverse in future periods beyond 12 months from the balance sheet date.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of 10p each
50,650
50,650
5
5
WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
21
Share capital
(Continued)
- 38 -
22
Operating lease commitments
Lessee

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
£'000
£'000
Within one year
3,802
4,175
Between two and five years
8,060
9,214
In over five years
1,116
2,357
12,978
15,746

Operating lease contingent liabilities
During the year, the company reassigned two property leases relating to branches that were closed in the financial year. Under the terms of these reassignments, the company remains contingently liable to the landlord under Authorised Guarantee Agreements in the event that the assignee defaults.

As the company no longer controls or occupies the properties, and any obligation is contingent upon default by the assignee, these amounts do not meet the definition of operating lease commitments and have therefore not been included in the commitments disclosed above.

The aggregate remaining lease payments relating to these reassigned leases at the reporting date totalled £788,529 (2024 - £nil). Management does not currently expect any material liabilities to arise under these arrangements.

WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 39 -
23
Related party transactions

During the year the company paid rent amounting to £81,6 00 (202 4 - £81,600) in respect of freehold premises owned by the Williams and Co Pension Scheme. Two of the directors are members of this pension scheme.
The company are taking exemption under FRS 102 Section 33.1A and not disclosing intercompany transactions.

24
Directors' transactions

The director s transact on occasion for the purchase of goods, which are recorded within a trading account held within trade debtors. The balance owed by the directors to the company at the balance sheet date is £1,11 6 (202 4 - £1,48 7) and is repayable on demand.
During the year, two directors provided short-term funding to the company under separate formal revolving loan agreements. Under each agreement, funds were drawn and repaid on multiple occasions during the year to support working capital requirements. Each revolving loan agreement permitted multiple drawings and repayments during the period, subject to its terms.
The amounts shown as advances in the table below represent the aggregate value of drawings made during the year under each agreement. They do not represent single advances or committed facility limits.

Interest was charged on the outstanding balances at commercial rates, resulting in interest costs of £7.4k and £8.8k respectively for the year. Both facilities were fully repaid before the reporting date, and no amounts were outstanding at 30 November 2025 (2024 - £nil).

The movements in the directors’ loan balances during the year are set out in the table below:

Description
Opening Balance
Total Advances During The Year
Interest Charged
Total Repayments During The Year
Closing Balance
£'000
£'000
£'000
£'000
£'000
Directors' revolving loan agreement
-
1,750
7
1,757
-
Directors' revolving loan agreement
-
1,500
9
1,509
-
-
3,250
16
3,266
-
WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 40 -
25
Ultimate controlling party

The immediate and ultimate parent company is Williams Trade Supplies Holdings Limited who own 100% of the company's share capital. The company is incorporated in England and Wales and its registered office is Unit 13 Standard Way, Fareham, Hampshire, PO16 8XB.

Williams Trade Supplies Holdings Limited is under the control of the directors by virtue of their shareholding.

Williams Trade Supplies Holdings Limited is the parent undertaking of the smallest and largest group for which consolidated accounts are drawn up, and these can be obtained from Companies House.

26
Cash generated from operations
2025
2024
£'000
£'000
Loss for the year after tax
(425)
(3,193)
Adjustments for:
Taxation credited
(100)
(1,029)
Finance costs
592
702
Loss/(gain) on disposal of tangible fixed assets
280
(17)
Amortisation and impairment of intangible assets
72
92
Depreciation and impairment of tangible fixed assets
720
746
(Decrease)/increase in provisions
(1,091)
2,001
Movements in working capital:
Decrease in stocks
4,629
1,729
Increase in debtors
(63)
(156)
(Decrease)/increase in creditors
(1,907)
3,278
(Decrease)/increase in deferred income
(2)
48
Cash generated from operations
2,705
4,201
WILLIAMS TRADE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 41 -
27
Analysis of changes in net debt
1 December 2024
Cash flows
30 November 2025
£'000
£'000
£'000
Cash at bank and in hand
1,705
2,549
4,254
Commercial finance facility
(6,403)
(789)
(7,192)
Obligations under finance leases
(396)
159
(237)
(5,094)
1,919
(3,175)
2025-11-30 2024-12-01 false false false CCH Software CCH Accounts Production 2025.300 No description of principal activity M. Williams R. Stafford R. Moore M. Brown P. Moss I. Preedy P. Skilton G. Barnetson G. Barnetson 01864711 2024-12-01 2025-11-30 01864711 bus:Director1 2024-12-01 2025-11-30 01864711 bus:Director2 2024-12-01 2025-11-30 01864711 bus:Director3 2024-12-01 2025-11-30 01864711 bus:Director4 2024-12-01 2025-11-30 01864711 bus:Director5 2024-12-01 2025-11-30 01864711 bus:Director6 2024-12-01 2025-11-30 01864711 bus:Director7 2024-12-01 2025-11-30 01864711 bus:CompanySecretaryDirector1 2024-12-01 2025-11-30 01864711 bus:Director8 2024-12-01 2025-11-30 01864711 bus:CompanySecretary1 2024-12-01 2025-11-30 01864711 bus:RegisteredOffice 2024-12-01 2025-11-30 01864711 2025-11-30 01864711 2023-12-01 2024-11-30 01864711 core:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 01864711 core:RetainedEarningsAccumulatedLosses 2024-12-01 2025-11-30 01864711 core:OtherResidualIntangibleAssets 2025-11-30 01864711 core:OtherResidualIntangibleAssets 2024-11-30 01864711 core:ComputerSoftware 2025-11-30 01864711 core:ComputerSoftware 2024-11-30 01864711 2024-11-30 01864711 core:LandBuildings 2025-11-30 01864711 core:PlantMachinery 2025-11-30 01864711 core:ComputerEquipment 2025-11-30 01864711 core:MotorVehicles 2025-11-30 01864711 core:LandBuildings 2024-11-30 01864711 core:PlantMachinery 2024-11-30 01864711 core:ComputerEquipment 2024-11-30 01864711 core:MotorVehicles 2024-11-30 01864711 core:CurrentFinancialInstruments core:WithinOneYear 2025-11-30 01864711 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 01864711 core:CurrentFinancialInstruments 2025-11-30 01864711 core:CurrentFinancialInstruments 2024-11-30 01864711 core:Non-currentFinancialInstruments 2025-11-30 01864711 core:Non-currentFinancialInstruments 2024-11-30 01864711 core:ShareCapital 2025-11-30 01864711 core:ShareCapital 2024-11-30 01864711 core:SharePremium 2025-11-30 01864711 core:SharePremium 2024-11-30 01864711 core:CapitalRedemptionReserve 2025-11-30 01864711 core:CapitalRedemptionReserve 2024-11-30 01864711 core:RetainedEarningsAccumulatedLosses 2025-11-30 01864711 core:RetainedEarningsAccumulatedLosses 2024-11-30 01864711 core:ShareCapital 2023-11-30 01864711 core:SharePremium 2023-11-30 01864711 core:CapitalRedemptionReserve 2023-11-30 01864711 core:RetainedEarningsAccumulatedLosses 2023-11-30 01864711 core:ShareCapitalOrdinaryShareClass1 2025-11-30 01864711 core:ShareCapitalOrdinaryShareClass1 2024-11-30 01864711 1 2024-12-01 2025-11-30 01864711 1 2023-12-01 2024-11-30 01864711 2024-11-30 01864711 2023-11-30 01864711 core:IntangibleAssetsOtherThanGoodwill 2024-12-01 2025-11-30 01864711 core:ComputerSoftware 2024-12-01 2025-11-30 01864711 core:LandBuildings core:LongLeaseholdAssets 2024-12-01 2025-11-30 01864711 core:PlantMachinery 2024-12-01 2025-11-30 01864711 core:ComputerEquipment 2024-12-01 2025-11-30 01864711 core:MotorVehicles 2024-12-01 2025-11-30 01864711 dpl:Item2 2024-12-01 2025-11-30 01864711 dpl:Item2 2023-12-01 2024-11-30 01864711 core:UKTax 2024-12-01 2025-11-30 01864711 core:UKTax 2023-12-01 2024-11-30 01864711 core:ComputerSoftware 2024-11-30 01864711 core:ComputerSoftware core:ExternallyAcquiredIntangibleAssets 2024-12-01 2025-11-30 01864711 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-11-30 01864711 core:PlantMachinery 2024-11-30 01864711 core:ComputerEquipment 2024-11-30 01864711 core:MotorVehicles 2024-11-30 01864711 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-11-30 01864711 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-12-01 2025-11-30 01864711 core:FurnitureFittings 2025-11-30 01864711 core:FurnitureFittings 2024-11-30 01864711 core:WithinOneYear 2025-11-30 01864711 core:WithinOneYear 2024-11-30 01864711 core:BetweenTwoFiveYears 2025-11-30 01864711 core:BetweenTwoFiveYears 2024-11-30 01864711 bus:OrdinaryShareClass1 2024-12-01 2025-11-30 01864711 bus:OrdinaryShareClass1 2025-11-30 01864711 bus:OrdinaryShareClass1 2024-11-30 01864711 core:MoreThanFiveYears 2025-11-30 01864711 core:MoreThanFiveYears 2024-11-30 01864711 bus:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 01864711 bus:FRS102 2024-12-01 2025-11-30 01864711 bus:Audited 2024-12-01 2025-11-30 01864711 bus:FullAccounts 2024-12-01 2025-11-30 xbrli:pure xbrli:shares iso4217:GBP