Company registration number 13767271 (England and Wales)
WYCKE H1 LIMITED
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
WYCKE H1 LIMITED
COMPANY INFORMATION
Directors
Mr P A Field
Mr Arun Nagwaney
Secretary
Mr M Timms
Company number
13767271
Registered office
c/o Crosby Composites Ltd
Unit C Nigel Court Ward Road
Buckingham Road Industrial Estate
Brackley
Northamptonshire
NN13 7LF
Auditor
Ellacotts Audit Services Limited
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
WYCKE H1 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group balance sheet
8
Company balance sheet
9
Group statement of cash flows
10
Notes to the financial statements
11 - 25
WYCKE H1 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

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

Review of the business

The company supports two distinct types of customers: it produces limited-volume repeat parts for high-performance automotive OEMs and it manufactures low-volume/​prototype components for F1 racing teams and other customers.

Principal risks and uncertainties

The group’s primary risk is related to potential project delays driven by customers. This is mitigated by strong ongoing customer relationships and careful management of the project pipeline.

Key performance indicators

The key measures of performance are quality and on-time delivery. Our strong performance on those two metrics drives our sales revenue, gross profit, operating profit, cash generation, and customer pipeline.

Sales in FY25 were essentially flat vs the prior year as the business focused on consolidating prior years’ growth. The focus on efficiency was required to counteract inflationary pressures, increases in minimum wage, and employers national insurance rates.

Future Developments

The sales pipeline remains strong for both FY26 and FY27. The beginning of FY26 has seen continuing cost pressures and we will be continuing to counter these with sensible cost controls.

On behalf of the board

Mr P A Field
Director
9 March 2026
WYCKE H1 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

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

Principal activities

The principal activity of the company is that of a holding company. It manages the activities of a main subsidiary manufacturing company (Crosby Composites Limited) and one other subsidiary company.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further 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 P A Field
Mr Arun Nagwaney
Mr N A Brew
(Resigned 9 January 2026)
Disabled persons

Applications for employment by disabled persons are considered on merit and suitability for the role. Where an employee becomes disabled, the company seeks to support continued employment.

Employee involvement

The group seeks to maintain open communication with employees and to keep them informed on matters affecting the business. Appropriate internal communication methods are used to promote awareness of relevant issues and to encourage employee involvement..

Auditor

Ellacotts Audit Services Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

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

On behalf of the board
Mr P A Field
Director
9 March 2026
WYCKE H1 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WYCKE H1 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WYCKE H1 LIMITED
- 4 -
Opinion

We have audited the financial statements of Wycke H1 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 August 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

WYCKE H1 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WYCKE H1 LIMITED
- 5 -
Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or n on-compliance with regulation. This risk increases the more that compliance with a law or r egulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK),we exercise professional judgment and maintain professional scepticism throughout the audit. We also performed the following procedures:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

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

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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.

WYCKE H1 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WYCKE H1 LIMITED
- 6 -

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Charlotte Toemaes BSc FCA (Senior Statutory Auditor)
For and on behalf of Ellacotts Audit Services Limited, Statutory Auditor
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
OX16 9SA
England
11 March 2026
WYCKE H1 LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
25,318,771
26,606,944
Cost of sales
(17,526,992)
(17,428,569)
Gross profit
7,791,779
9,178,375
Administrative expenses
(3,192,901)
(3,336,681)
Operating profit
4
4,598,878
5,841,694
Interest receivable and similar income
7
7,588
13,864
Interest payable and similar expenses
8
(72,351)
(61,328)
Profit before taxation
4,534,115
5,794,230
Tax on profit
9
(704,632)
(890,873)
Profit for the financial year
3,829,483
4,903,357
Retained earnings brought forward
6,315,586
6,712,229
Capital contribution gift
(4,223,581)
(5,300,000)
Retained earnings carried forward
5,921,488
6,315,586
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
WYCKE H1 LIMITED
GROUP BALANCE SHEET
AS AT 31 AUGUST 2025
31 August 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,381,592
1,190,749
1,381,592
1,190,749
Current assets
Stocks
13
3,674,605
2,340,512
Debtors
14
4,181,727
4,952,931
Cash at bank and in hand
408,061
1,037,062
8,264,393
8,330,505
Creditors: amounts falling due within one year
15
(3,353,059)
(2,787,572)
Net current assets
4,911,334
5,542,933
Total assets less current liabilities
6,292,926
6,733,682
Creditors: amounts falling due after more than one year
16
-
0
(16,830)
Provisions for liabilities
Provisions
18
-
0
75,000
Deferred tax liability
19
171,639
126,066
(171,639)
(201,066)
Net assets
6,121,287
6,515,786
Capital and reserves
Called up share capital
21
200
200
Other reserves
200,000
200,000
Profit and loss reserves
5,921,087
6,315,586
Total equity
6,121,287
6,515,786
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:
09 March 2026
Mr P A Field
Director
Company registration number 13767271 (England and Wales)
WYCKE H1 LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2025
31 August 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
11
200,000
200,000
Current assets
Debtors
14
100
100
Cash at bank and in hand
100
100
200
200
Net current assets
200
200
Net assets
200,200
200,200
Capital and reserves
Called up share capital
21
200
200
Other reserves
200,000
200,000
Total equity
200,200
200,200

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £4,223,581 (2024 - £5,300,000 profit).

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:
09 March 2026
Mr P A Field
Director
Company registration number 13767271 (England and Wales)
WYCKE H1 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
4,749,299
5,761,494
Interest paid
(72,351)
(61,328)
Income taxes (paid)/refunded
(600,691)
55,815
Net cash inflow from operating activities
4,076,257
5,755,981
Investing activities
Purchase of tangible fixed assets
(530,105)
(377,179)
Proceeds from disposal of tangible fixed assets
77,160
35,793
Interest received
7,588
13,864
Net cash used in investing activities
(445,357)
(327,522)
Financing activities
Payment of finance leases obligations
(35,920)
(20,775)
Capital contribution gift
(4,223,581)
(5,300,000)
Net cash used in financing activities
(4,259,501)
(5,320,775)
Net (decrease)/increase in cash and cash equivalents
(628,601)
107,684
Cash and cash equivalents at beginning of year
1,037,062
929,380
Cash and cash equivalents at end of year
408,061
1,037,062
WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
1
Accounting policies
Company information

Wycke H1 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is c/o Crosby Composites Ltd, Unit C Nigel Court Ward Road, Buckingham Road Industrial Estate, Brackley, Northamptonshire, NN13 7LF.

The group consists of Wycke H1 Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Wycke H1 Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 August 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Merger accounting has been applied. The two companies acquired as a result of merger accounting were Crosby Composites Limited and Wycke H Limited. Their registered office is the same as Wycke H1 Limited. No merger reserve arose.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve 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.

1.5
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company's activities. Turnover is shown net of sales/value added tax returns, rebates and discounts.

The Company recognises revenue when goods are dispatched from the company's premises.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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 improvements
2% straight line
Plant and equipment
15% straight line
Fixtures and fittings
15% straight line
Office equipment
33% straight line
Motor vehicles
25% 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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 13 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 14 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is based on the cost of purchase on a first in, first out basis.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Work is progress is valued based on the stage of completion based of the product derived from the materials used in production.

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

1.11
Cash and cash equivalents

Cash and cash equivalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 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 m ethod 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 15 -
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 group 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 group 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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’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.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

1.16
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.

1.17
Retirement benefits

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

WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 17 -
1.18
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 d asset are consumed.

1.19
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Work In Progress

Using the information available at the balance sheet date, the directors make judgements based on experience regarding the value of work in progress based on stage of completion and selling price.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
UK turnover
17,833,407
21,572,867
Non-UK turnover
7,485,364
5,034,077
25,318,771
26,606,944
WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
3
Turnover and other revenue
(Continued)
- 18 -
2025
2024
£
£
Other revenue
Interest income
7,588
13,864
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
270,023
271,752
Depreciation of tangible fixed assets held under finance leases
19,359
25,563
Profit on disposal of tangible fixed assets
(27,280)
-
Operating lease charges
360,000
360,000
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,500
7,000
Audit of the financial statements of the company's subsidiaries
23,000
18,380
30,500
25,380
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Admin
7
9
-
-
Production
225
182
-
-
Directors
3
3
3
3
Total
235
194
3
3
WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
6
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
9,458,076
9,171,331
-
0
-
0
Social security costs
1,064,020
821,159
-
-
Pension costs
204,018
182,446
-
0
-
0
10,726,114
10,174,936
-
0
-
0
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
8,628
8,309
Other interest income
(1,040)
5,555
Total income
7,588
13,864
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
8,628
8,309
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
72,351
61,328
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
659,059
738,609
Adjustments in respect of prior periods
-
0
163,245
Total current tax
659,059
901,854
Deferred tax
Origination and reversal of timing differences
45,573
(10,981)
Total tax charge
704,632
890,873
WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
9
Taxation
(Continued)
- 20 -

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
4,534,115
5,794,230
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,133,529
1,448,558
Tax effect of expenses that are not deductible in determining taxable profit
5,261
2,542
Permanent capital allowances in excess of depreciation
(59,763)
(30,805)
Research and development tax credit
(419,141)
(462,131)
Under/(over) provided in prior years
-
0
14,655
Deferred tax movements
43,234
(81,946)
Pensions movement
1,512
-
0
Taxation charge
704,632
890,873
10
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2024
454,676
3,285,536
346,131
252,481
155,117
4,493,941
Additions
41,026
301,897
84,322
35,542
67,318
530,105
Disposals
-
0
-
0
-
0
-
0
(82,560)
(82,560)
At 31 August 2025
495,702
3,587,433
430,453
288,023
139,875
4,941,486
Depreciation and impairment
At 1 September 2024
31,968
2,686,917
286,949
204,386
92,972
3,303,192
Depreciation charged in the year
9,646
201,461
26,584
28,012
23,679
289,382
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(32,680)
(32,680)
At 31 August 2025
41,614
2,888,378
313,533
232,398
83,971
3,559,894
Carrying amount
At 31 August 2025
454,088
699,055
116,920
55,625
55,904
1,381,592
At 31 August 2024
422,708
598,619
59,182
48,095
62,145
1,190,749
The company had no tangible fixed assets at 31 August 2025 or 31 August 2024.
WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
200,000
200,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2024 and 31 August 2025
200,000
Carrying amount
At 31 August 2025
200,000
At 31 August 2024
200,000
12
Subsidiaries

Details of the company's subsidiaries at 31 August 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Crosby Composites Limited
England
Ordinary
100.00
Wycke H Limited
England
Ordinary
100.00
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
1,559,526
1,458,909
-
-
Work in progress
2,115,079
881,603
-
-
3,674,605
2,340,512
-
-
WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,028,845
4,794,383
-
0
-
0
Other debtors
100
100
100
100
Prepayments and accrued income
152,782
158,448
-
0
-
0
4,181,727
4,952,931
100
100
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
17
1,687
20,776
-
0
-
0
Trade creditors
1,675,632
962,260
-
0
-
0
Corporation tax payable
622,229
563,861
-
0
-
0
Other taxation and social security
511,031
851,834
-
-
Other creditors
182,388
36,174
-
0
-
0
Accruals and deferred income
360,092
352,667
-
0
-
0
3,353,059
2,787,572
-
0
-
0
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
17
-
0
16,830
-
0
-
0
17
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
1,687
20,776
-
0
-
0
Non-current liabilities
-
0
16,830
-
0
-
0
1,687
37,606
-
-
WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
17
Finance lease obligations
(Continued)
- 23 -
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,687
20,776
-
0
-
0
In two to five years
-
0
16,830
-
0
-
0
1,687
37,606
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
-
75,000
-
-
Movements on provisions:
Total
Group
£
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
171,639
126,066
The company has no deferred tax assets or liabilities.
WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Deferred taxation
(Continued)
- 24 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 September 2024
126,066
-
Charge to profit or loss
45,573
-
Liability at 31 August 2025
171,639
-

T he deferred tax liability set out above is expected to reverse within 12 to 60 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
204,018
182,446

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

21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
20,000
20,000
200
200
WYCKE H1 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -
22
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
3,829,483
4,903,357
Adjustments for:
Taxation charged
704,632
890,873
Finance costs
72,351
61,328
Investment income
(7,588)
(13,864)
Gain on disposal of tangible fixed assets
(27,280)
-
Depreciation and impairment of tangible fixed assets
289,382
297,315
Decrease in provisions
(75,000)
-
Movements in working capital:
(Increase)/decrease in stocks
(1,334,093)
945,806
Decrease/(increase) in debtors
771,204
(1,295,885)
Increase/(decrease) in creditors
526,208
(27,436)
Cash generated from operations
4,749,299
5,761,494
23
Analysis of changes in net funds - group
1 September 2024
Cash flows
31 August 2025
£
£
£
Cash at bank and in hand
1,037,062
(629,001)
408,061
Obligations under finance leases
(37,606)
35,919
(1,687)
999,456
(593,082)
406,374
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