Company registration number 00987946 (England and Wales)
J R INDUSTRIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
J R INDUSTRIES LIMITED
COMPANY INFORMATION
Directors
Mr A Mattson
Mr R V Wood
Mr R D Howard
Mr L J Smith
Mr D Unge
(Appointed 10 October 2025)
Company number
00987946
Registered office
Whiting House
Sir Alfred Owen Way
Pontygwindy Industrial Estate
Caerphilly
CF83 3HU
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
J R INDUSTRIES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
J R INDUSTRIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

We aim to present a balanced and comprehensive report of the development and performance of the business during the year and its position at the year end. Our report is consistent with the size and nature of the business and is written in the context of the risks and uncertainties of the business environment the company operates within.

The company operates largely within the commercial vehicle industry and sells its products and services direct from its manufacturing bases in South Wales to customers throughout Western Europe together with a smaller export market further afield. On 24 January 2024, the company's parent Gwindy 2012 Limited was acquired by the Sdiptech AB (Publ) group.

Principal risks and uncertainties

The company's principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and bank loans. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. Due to the nature of the financial instruments used by the company, there is no exposure to price risk. The company's approach to managing other risks applicable to the financial statements concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through the use of overdrafts at floating rates of interest. With respect to bank loans, these are subject to variable rates of interest and the company manages the liquidity risk by ensuring there are sufficient funds to meet contractual payments.

Trade debtors are managed in respect of credit and cash flow risk by internal policies concerning the credit offered to customers and regular monitoring of amounts outstanding, allied with credit insurance policies in case of prolonged default.

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

Development and performance

Detailed business objectives to support this overriding strategy are developed on an annual basis and reviewed quarterly. The key drivers of growth are the group's wide portfolio, engineering expertise and commitment to customer service.

Key performance indicators

Commensurate with a manufacturing business of this magnitude, the directors believe the key business indicators are turnover and gross margin. Performance of the company for the period was as follows:

2025 2024

£'000 £'000

Turnover 22,422 21,533

Gross profit (%) 31.4 29.6

The company experienced a strong year in its key UK market with sales growth of 6%, this was partially offset by decreased external export sales. Demand was sustained for insulated products, home delivery shutters and spares sales with an improved dry freight market. Margin was improved by a beneficial product mix, favourable exchange rates and strategic purchasing.

Net profit was down compared to the prior year as 2024 benefitted from the disposal of the building which was slightly offset by movement in exchange differences (Note 4).

J R INDUSTRIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Future developments

The company continues to work closely with its customer base to ensure that it provides the products and support that they require. During the year the directors took the decision to slim down the French operation to reduce the fixed cost burden and return the subsidiary to sustainable profitability. The directors will continue to work with the local management of the French and German subsidiaries to expand the mainland Europe opportunities. Management are also exploring synergies with other Sdiptech companies to access these markets efficiently.

Detailed business objectives to support the overriding strategy are developed on an annual basis and reviewed quarterly. The key drivers of growth are the group’s wide product portfolio, engineering expertise and commitment to customer service.

The company remains focussed on reviewing its cost structures to ensure it remains as lean as possible whilst maintaining the flexibility of supply and product that has been the company’s hallmark.

The company continues to benefit from a knowledgeable management team and a strong balance sheet enabling good long term decision making and continued growth.

On behalf of the board

Mr R D Howard
Director
12 March 2026
J R INDUSTRIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the manufacture of roller shutter doors for commercial vehicles.

Results and dividends

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

Ordinary dividends were paid amounting to £11,091,474. The directors do not recommend payment of a final dividend.

Directors

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

Mr J Lahiri
(Resigned 10 October 2025)
Mr A Mattson
Mr R V Wood
Mr R D Howard
Mr L J Smith
Mr D Unge
(Appointed 10 October 2025)
Research and development

The company carries out research and development in relation to the design and development of technical solutions with its products and systems.

Future developments

Expected future developments of the company are outlined within the Strategic Report on page 2 of the financial statements.

Auditor

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

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
Mr R D Howard
Director
12 March 2026
J R INDUSTRIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

J R INDUSTRIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J R INDUSTRIES LIMITED
- 5 -
Opinion

We have audited the financial statements of J R Industries Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

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.

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

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

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

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

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

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

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

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

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006;

- we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

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

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

J R INDUSTRIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J R INDUSTRIES LIMITED (CONTINUED)
- 7 -

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

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

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions.

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

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

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young, Statutory Auditor
Chartered Accountants
Newport
Gwent
United Kingdom
12 March 2026
J R INDUSTRIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
22,421,939
21,532,897
Cost of sales
(15,382,947)
(15,156,364)
Gross profit
7,038,992
6,376,533
Distribution costs
(710,964)
(716,073)
Administrative expenses
(570,674)
1,082,169
Operating profit
4
5,757,354
6,742,629
Interest receivable and similar income
7
205,772
264,127
Profit before taxation
5,963,126
7,006,756
Tax on profit
8
(1,526,033)
(1,265,169)
Profit for the financial year
4,437,093
5,741,587

The profit and loss account has been prepared on the basis that all operations are continuing operations.

J R INDUSTRIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
£
£
Profit for the year
4,437,093
5,741,587
Other comprehensive income
-
-
Total comprehensive income for the year
4,437,093
5,741,587
J R INDUSTRIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
258,775
262,341
Investments
11
813,190
813,190
1,071,965
1,075,531
Current assets
Stocks
13
3,514,634
3,676,060
Debtors
14
4,586,247
16,652,400
Cash at bank and in hand
8,319,358
2,960,570
16,420,239
23,289,030
Creditors: amounts falling due within one year
16
(2,835,297)
(3,032,260)
Net current assets
13,584,942
20,256,770
Total assets less current liabilities
14,656,907
21,332,301
Provisions for liabilities
Deferred tax liability
17
54,178
75,191
(54,178)
(75,191)
Net assets
14,602,729
21,257,110
Capital and reserves
Called up share capital
19
5,000
5,000
Share premium account
52,500
52,500
Profit and loss reserves
14,545,229
21,199,610
Total equity
14,602,729
21,257,110

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

The financial statements were approved by the board of directors and authorised for issue on 12 March 2026 and are signed on its behalf by:
Mr R D Howard
Director
Company registration number 00987946 (England and Wales)
J R INDUSTRIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
5,000
52,500
15,458,023
15,515,523
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
5,741,587
5,741,587
Balance at 31 December 2024
5,000
52,500
21,199,610
21,257,110
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
4,437,093
4,437,093
Dividends
9
-
-
(11,091,474)
(11,091,474)
Balance at 31 December 2025
5,000
52,500
14,545,229
14,602,729
J R INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

J R Industries Limited is a private company limited by shares incorporated in England and Wales. The registered office is Whiting House, Sir Alfred Owen Way, Pontygwindy Industrial Estate, Caerphilly, CF83 3HU.

1.1
Basis of preparation

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

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

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

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

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

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

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

The financial statements of the company are consolidated in the financial statements of Sdiptech AB (Publ). Copies of the Sdiptech AB (Publ) accounts are available from its website at: http://www.sdiptech.se/investor-relations/financial-information.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

J R Industries Limited is a wholly owned subsidiary of Sdiptech AB (Publ) and the results of J R Industries Limited are included in the consolidated financial statements of Sdiptech AB (Publ) which are available from its website at: http://www.sdiptech.se/investor-relations/financial-information.

1.2
Going concern

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

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

J R INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
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:

Plant and equipment
4 - 50% 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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.6
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.

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.

1.7
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.

J R INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
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.

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.

1.8
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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

J R INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.9
Employee benefits

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

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

1.10
Retirement benefits

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

1.11
Leases
As lessee

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

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.

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.

Provisions

Provisions are included against slow moving or obsolete stock. These provisions require management's best estimate of the cost that will be incurred based on contractual agreements, historical experience and a review of stock movements following the period end.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
22,421,939
21,532,897
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
18,793,788
17,727,586
Overseas
3,628,151
3,805,311
22,421,939
21,532,897
J R INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 16 -
2025
2024
£
£
Other revenue
Interest income
205,772
264,127
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(119,348)
123,188
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0
Depreciation of tangible fixed assets
50,109
61,084
Profit on disposal of tangible fixed assets
(3,000)
(1,311,518)
Operating lease charges
1,757
2,088
5
Employees

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

2025
2024
Number
Number
Production staff
71
73
Distribution staff
7
8
Administrative staff
5
5
Total
83
86

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,972,781
2,815,471
Social security costs
336,187
274,581
Pension costs
127,473
128,818
3,436,441
3,218,870
J R INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
105,435
124,640
Company pension contributions to defined contribution schemes
3,500
5,000
108,935
129,640

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
160,723
27,155
Interest receivable from group companies
45,049
236,972
Total income
205,772
264,127
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,547,046
1,265,169
Deferred tax
Origination and reversal of timing differences
(21,013)
-
0
Total tax charge
1,526,033
1,265,169
J R INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
(Continued)
- 18 -

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
5,963,126
7,006,756
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,490,782
1,751,689
Tax effect of expenses that are not deductible in determining taxable profit
35,251
(173,913)
Permanent capital allowances in excess of depreciation
-
0
(313,279)
Other non-reversing timing differences
-
0
672
Taxation charge for the year
1,526,033
1,265,169
9
Dividends
2025
2024
£
£
Interim paid
11,091,474
-
0
10
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2025
2,151,113
Additions
46,543
Disposals
(29,023)
At 31 December 2025
2,168,633
Depreciation and impairment
At 1 January 2025
1,888,772
Depreciation charged in the year
50,109
Eliminated in respect of disposals
(29,023)
At 31 December 2025
1,909,858
Carrying amount
At 31 December 2025
258,775
At 31 December 2024
262,341
J R INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
11
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
12
813,190
813,190
12
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
J R Industries Sarl
France
Ordinary
100.00
J R Industries GmbH
Germany
Ordinary
100.00
J R Property GmbH
Germany
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
J R Industries Sarl
194,612
(163,321)
0
J R Industries GmbH
129,141
266,800
J R Property GmbH
(55,110)
0
18,621
13
Stocks
2025
2024
£
£
Raw materials and consumables
2,989,307
3,164,549
Work in progress
520,528
509,929
Finished goods and goods for resale
4,799
1,582
3,514,634
3,676,060
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,801,281
3,138,262
Amounts owed by group undertakings
1,645,459
13,325,046
Other debtors
2,530
2,305
Prepayments and accrued income
136,977
186,787
4,586,247
16,652,400
J R INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
15
Cash at bank and in hand

Included within cash at bank and in hand is an amount of £6,779,113 (2024: £1,523,779) where the company has entered into a cash pooling arrangement with its ultimate parent company.

16
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,110,493
2,405,900
Corporation tax
2,134
30,177
Other taxation and social security
448,810
285,075
Other creditors
87,698
87,906
Accruals and deferred income
186,162
223,202
2,835,297
3,032,260
17
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
57,292
77,634
Retirement benefit obligations
(3,114)
(2,443)
54,178
75,191
2025
Movements in the year:
£
Liability at 1 January 2025
75,191
Credit to profit or loss
(21,013)
Liability at 31 December 2025
54,178

The deferred tax liability set out above relates predominately to accelerated capital allowances and is expected to reverse over the useful economic lives of the related assets.

J R INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
127,473
128,818

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.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000
5,000
5,000
5,000
20
Operating lease commitments
As 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
£
£
Within 1 year
276,876
285,053
Years 2-5
558,604
858,785
835,480
1,143,838
21
Related party transactions

The company has taken advantage of the exemption, under the terms of FRS102 section 33.1A , not to disclose related party transactions with wholly owned subsidiaries within the group.

At the year end, the company was owed £nil (2024: £1,141,474) by its immediate parent company.

At the year end, the company was owed £1,645,459 (2024: £2,156,308) by its subsidiaries.

At the year end, the company was owed £nil (2024: £10,027,264) by its intermediate parent companies.

At the year end, the company owed £65,000 (2024: £65,000) to Alfowen Limited, a company with common directors. During the prior year, the company received proceeds of £2,700,000 from Alfowen Limited for the sale of the freehold building which the company operates in. The company also paid £260,000 (2023: £242,795) of rent to Alfowen Limited during the year. In the prior year the company entered into a operating lease agreement with Alfowen Limited for the freehold building with a 5 year break clause.

J R INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
22
Ultimate controlling party

The company is a 100% subsidiary of Gwindy 2012 Limited, a company registered in England and Wales.

Gwindy 2012 Limited is 100% owned by Sdip Holdings UK Limited, which is 100% owned by Sdip Holdings AB, a company registered in Sweden, which in turn is owned by Sdiptech AB (Publ), a company registered in Sweden and has shares listed on Nasdaq First North Premier in Stockholm. Therefore the ultimate parent company at 31 December 2025 was Sdiptech AB (Publ).

Sdiptech AB (Publ) is the parent of the smallest and largest group of which the company is a member for which consolidated accounts will be prepared. Copies of the Sdiptech AB (Publ) accounts are available from its website at: http://www.sdiptech.se/investor-relations/financial-information.

There is no ultimate controlling party.

2025-12-31 2025-01-01 false false false CCH Software CCH Accounts Production 2025.300 Mr J Lahiri Mr A Mattson Mr R V Wood Mr R D Howard Mr L J Smith Mr D Unge 00987946 2025-01-01 2025-12-31 00987946 bus:Director2 2025-01-01 2025-12-31 00987946 bus:Director3 2025-01-01 2025-12-31 00987946 bus:Director4 2025-01-01 2025-12-31 00987946 bus:Director5 2025-01-01 2025-12-31 00987946 bus:Director6 2025-01-01 2025-12-31 00987946 bus:Director1 2025-01-01 2025-12-31 00987946 bus:RegisteredOffice 2025-01-01 2025-12-31 00987946 2025-12-31 00987946 2024-01-01 2024-12-31 00987946 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00987946 core:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 00987946 2024-12-31 00987946 core:PlantMachinery 2025-12-31 00987946 core:PlantMachinery 2024-12-31 00987946 core:CurrentFinancialInstruments 2025-12-31 00987946 core:CurrentFinancialInstruments 2024-12-31 00987946 core:ShareCapital 2025-12-31 00987946 core:ShareCapital 2024-12-31 00987946 core:SharePremium 2025-12-31 00987946 core:SharePremium 2024-12-31 00987946 core:RetainedEarningsAccumulatedLosses 2025-12-31 00987946 core:RetainedEarningsAccumulatedLosses 2024-12-31 00987946 core:ShareCapital 2023-12-31 00987946 core:SharePremium 2023-12-31 00987946 core:RetainedEarningsAccumulatedLosses 2023-12-31 00987946 core:ShareCapitalOrdinaryShareClass1 2025-12-31 00987946 core:ShareCapitalOrdinaryShareClass1 2024-12-31 00987946 core:PlantMachinery 2025-01-01 2025-12-31 00987946 core:UKTax 2025-01-01 2025-12-31 00987946 core:UKTax 2024-01-01 2024-12-31 00987946 core:PlantMachinery 2024-12-31 00987946 core:Non-currentFinancialInstruments 2025-12-31 00987946 core:Non-currentFinancialInstruments 2024-12-31 00987946 core:Subsidiary1 2025-01-01 2025-12-31 00987946 core:Subsidiary2 2025-01-01 2025-12-31 00987946 core:Subsidiary3 2025-01-01 2025-12-31 00987946 core:Subsidiary1 1 2025-01-01 2025-12-31 00987946 core:Subsidiary2 2 2025-01-01 2025-12-31 00987946 core:Subsidiary3 3 2025-01-01 2025-12-31 00987946 core:Subsidiary1 2025-12-31 00987946 core:Subsidiary2 2025-12-31 00987946 core:Subsidiary3 2025-12-31 00987946 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 00987946 bus:OrdinaryShareClass1 2025-12-31 00987946 bus:OrdinaryShareClass1 2024-12-31 00987946 core:WithinOneYear 2025-12-31 00987946 core:WithinOneYear 2024-12-31 00987946 core:BetweenTwoFiveYears 2025-12-31 00987946 core:BetweenTwoFiveYears 2024-12-31 00987946 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 00987946 bus:FRS102 2025-01-01 2025-12-31 00987946 bus:Audited 2025-01-01 2025-12-31 00987946 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP