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COMPANY REGISTRATION NUMBER: 3072135

Mollart-Cox Engineering Limited

Financial Statements

30 June 2025

Mollart-Cox Engineering Limited

Financial Statements

Year ended 30 June 2025

Contents | Pages

Officers and professional advisers | 1

Strategic report | 2

Directors' report | 3 to 4

Independent auditor's report to the members | 5 to 8

Statement of comprehensive income | 9

Statement of financial position | 10

Statement of changes in equity | 11

Statement of cash flows | 12

Notes to the financial statements | 13 to 22

Mollart-Cox Engineering Limited

Officers and Professional Advisers

The board of directors | Mr C W Cox
| Mr J M Cox
| Mr M B Powell

Registered office | Unit 1
| Broombank Road
| ChesterfieldTrading Estate
| Chesterfield
| Derbyshire
| S41 9QJ

Auditor | Hebblethwaites
| Chartered Accountants & Statutory Auditors
| 2 Westbrook Court
| Sharrow Vale Road
| Sheffield
| S11 8YZ

Mollart-Cox Engineering Limited

Strategic Report

Year ended 30 June 2025
The principal activity of the company during the year continued to be that of subcontract precision mechanical engineering . Fair review of the business The directors are pleased to report a further year of profitable trading. Sales activity for the year increased by over £1m or 13% to £9m, (2024 £8m), as a result of accessing new markets and customers. Gross profit at £3.3m (2024 £2.5m) reflects improved efficiencies and a change in sales mix, with the entry to new markets creating opportunities for higher margins. The directors are pleased to report an operating profit for the year of £1.432m, (2024 £0.677m), (2023: £1.8m) which, after interest, gave rise to a pretax profit of £1.366m (2024 £0.627m) (2023: £1.7m). During the year under review, the company has continued to invest in new machinery and this will continue in the year that follows. This will enable the company to meet anticipated increased demand following successful tenders for new business, during the year. The directors feel that the company is now well placed to expand further in terms of turnover, and with the prospect of improved efficiencies. The net assets, as reflected in the Statement of Financial Position, have fallen to £2.7m, (2024 £3.8m). The reduction is a result of a change in ownership, details of which can be found in note 24 of the financial statements. Principle risks and uncertainties The market remains competitive and there is continued uncertainty with the global economy. The directors have adapted to the changes, and profitability has been maintained post year end, but there is always a risk that further economic and global pressures can disrupt the supply chain, which in turn could have a negative impact on the business. Research and development The company is committed to developing its' resources including technology, people and processes. To this end, the company undertakes research and development projects with the prospect of enhancing products and processes.
This report was approved by the board of directors on 16 March 2026 and signed on behalf of the board by:

Mr C W Cox | Mr J M Cox
Director | Director

Mollart-Cox Engineering Limited

Directors' Report

Year ended 30 June 2025
The directors present their report and the financial statements of the company for the year ended 30 June 2025 .
Directors
The directors who served the company during the year were as follows:

Mr C W Cox |
Mr J M Cox |
Mr M B Powell |

Dividends
The directors do not recommend the payment of a dividend.
Future developments
Prospects for the 2025/2026 year continue to be positive, the company continues to undertake research and development into new products and processes to remain at the forefront of technology in the specialist markets in which it operates.
Financial instruments
The company finances it's operations through a mixture of retained earnings and borrowings as required.
Liquidity risk is managed by ensuring sufficient levels of cash are available to enable the company to meet its short and medium-term working capital and debt service obligations.
Credit risk in respect of the company's revenue streams is managed by obtaining credit ratings for new customers and through the continuous monitoring of cash collection.
Disclosure of information in the strategic report
The company has set out, on page 2, the Strategic Report for the year, which incorporates the business review for the year.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 16 March 2026 and signed on behalf of the board by:

Mr C W Cox | Mr J M Cox
Director | Director

Mollart-Cox Engineering Limited

Independent Auditor's Report to the Members of Mollart-Cox Engineering Limited

Year ended 30 June 2025
Opinion
We have audited the financial statements of Mollart-Cox Engineering Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 director's 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 director 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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. 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' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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: We obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Richard Murdoch BA (Hons) FCA
(Senior Statutory Auditor)

For and on behalf of
Hebblethwaites
Chartered Accountants & Statutory Auditors
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ

18 March 2026

Mollart-Cox Engineering Limited

Statement of Comprehensive Income

Year ended 30 June 2025

| 2025 | 2024
Note | £ | £
Turnover | 4 | 9,031,192 | 7,966,645

Cost of sales | 5,732,894 | 5,437,565
| ------------ | ------------
Gross profit | 3,298,298 | 2,529,080

Administrative expenses | 1,866,245 | 1,851,889
|  | ------------ | ------------
Operating profit | 5 | 1,432,053 | 677,191

Other interest receivable and similar income | 9 | 2,356 | 2,162
Interest payable and similar expenses | 10 | 67,895 | 52,275
| ------------ | ------------
Profit before taxation | 1,366,514 | 627,078

Tax on profit | 11 | 282,197 | 72,202
| ------------ | ---------
Profit for the financial year and total comprehensive income | 1,084,317 | 554,876
| ------------ | ---------

All the activities of the company are from continuing operations.

Mollart-Cox Engineering Limited

Statement of Financial Position

30 June 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Intangible assets | 12 | 13,537 | 16,387
Tangible assets | 13 | 2,896,853 | 2,771,266
| ------------ | ------------
| 2,910,390 | 2,787,653

Current assets

Stocks | 14 | 349,553 | 542,253
Debtors | 15 | 2,693,992 | 2,124,244
Cash at bank and in hand | 319,448 | 1,621,475
| ------------ | ------------
| 3,362,993 | 4,287,972

Creditors: amounts falling due within one year | 16 | 2,061,996 | 1,868,775
| ------------ | ------------
Net current assets | 1,300,997 | 2,419,197
| ------------ | ------------
Total assets less current liabilities | 4,211,387 | 5,206,850

Creditors: amounts falling due after more than one year | 17 | 776,336 | 722,868

Provisions

Taxation including deferred tax | 19 | 665,492 | 646,225
| ------------ | ------------
Net assets | 2,769,559 | 3,837,757
| ------------ | ------------

Capital and reserves

Called up share capital | 22 | 269 | 269
Capital redemption reserve | 23 | 1,731 | 1,731
Profit and loss account | 23 | 2,767,559 | 3,835,757
| ------------ | ------------
Shareholders funds | 2,769,559 | 3,837,757
| ------------ | ------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 16 March 2026 , and are signed on behalf of the board by:

Mr C W Cox | Mr J M Cox
Director | Director

Company registration number: 3072135

Mollart-Cox Engineering Limited

Statement of Changes in Equity

Year ended 30 June 2025

| Called up share capital | Capital redemption reserve | Profit and loss account | Total
| £ | £ | £ | £
At 1 July 2023 | 327 | 1,673 | 3,621,450 | 3,623,450
Profit for the year |  |  | 554,876 | 554,876
| ---- | ------- | ------------ | ------------
Total comprehensive income for the year | – | – | 554,876 | 554,876
Cancellation of subscribed capital | ( 58) | 58 | ( 340,569) | ( 340,569)
| ---- | ------- | ------------ | ------------
Total investments by and distributions to owners | ( 58) | 58 | ( 340,569) | ( 340,569)
At 30 June 2024 | 269 | 1,731 | 3,835,757 | 3,837,757
Profit for the year |  |  | 1,084,317 | 1,084,317
| ---- | ------- | ------------ | ------------
Total comprehensive income for the year | – | – | 1,084,317 | 1,084,317
Gifts to Employee Ownership Trust | – | – | ( 2,152,515) | ( 2,152,515)
| ---- | ---- | ------------ | ------------
Total investments by and distributions to owners | – | – | ( 2,152,515) | ( 2,152,515)
| ---- | ------- | ------------ | ------------
At 30 June 2025 | 269 | 1,731 | 2,767,559 | 2,769,559
| ---- | ------- | ------------ | ------------

Mollart-Cox Engineering Limited

Statement of Cash Flows

Year ended 30 June 2025

| 2025 | 2024
| £ | £

Cash flows from operating activities

Profit for the financial year | 1,084,317 | 554,876

Adjustments for: |  |
Depreciation of tangible assets | 452,822 | 476,766
Amortisation of intangible assets | 2,850 | 2,850
Other interest receivable and similar income | ( 2,356) | ( 2,162)
Interest payable and similar expenses | 67,895 | 52,275
Loss on disposal of tangible assets | 77,045 | 20,527
Tax on profit | 282,197 | 72,202
Accrued expenses/(income) | 72,662 | ( 260,683)

Changes in: |  |
Stocks | 192,700 | ( 31,475)
Trade and other debtors | ( 569,748) | 100,294
Trade and other creditors | 55,050 | 87,933
| ------------ | ------------
Cash generated from operations | 1,715,434 | 1,073,403

Interest paid | ( 67,895) | ( 52,275)
Interest received | 2,356 | 2,162
Tax paid | ( 174,638) | ( 46,758)
| ------------ | ------------
Net cash from operating activities | 1,475,257 | 976,532
| ------------ | ------------

Cash flows from investing activities

Purchase of tangible assets | ( 344,738) | ( 237,952)
Proceeds from sale of tangible assets | 228,599 | 18,316
| ------------ | ------------
Net cash used in investing activities | ( 116,139) | ( 219,636)
| ------------ | ------------

Cash flows from financing activities

Purchase of own shares | – | ( 340,569)
Proceeds from borrowings | – | 200,000
Repayments of borrowings | ( 35,334) | ( 18,862)
Payments of finance lease liabilities | ( 473,296) | ( 359,786)
Gifts to Employee Ownership Trusts | ( 2,152,515) | –
| ------------ | ------------
Net cash used in financing activities | ( 2,661,145) | ( 519,217)
| ------------ | ------------

Net (decrease)/increase in cash and cash equivalents | ( 1,302,027) | 237,679
Cash and cash equivalents at beginning of year | 1,621,475 | 1,383,796
| ------------ | ------------
Cash and cash equivalents at end of year | 319,448 | 1,621,475
| ------------ | ------------

Mollart-Cox Engineering Limited

Notes to the Financial Statements

Year ended 30 June 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Broombank Road, ChesterfieldTrading Estate, Chesterfield, Derbyshire, S41 9QJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items /recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Software Licence | - | 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Leasehold improvements | - | 2% straight line
| Plant and machinery | - | 10% straight line
| Fixtures and fittings | - | 10% straight line
| Motor vehicles | - | 25% reducing balance

| Computer equipment | - | 25% straight line

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Research and development expenditure is written off in the year in which it is incurred.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| 2025 | 2024
| £ | £
Rendering of services | 9,031,192 | 7,966,645
| ------------ | ------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:

| 2025 | 2024
| £ | £
Amortisation of intangible assets | 2,850 | 2,850
Depreciation of tangible assets | 452,822 | 476,766
Loss on disposal of tangible assets | 77,045 | 20,527
Impairment of trade debtors | – | 27,976
Foreign exchange differences | ( 232) | –
| --------- | ---------

6. Auditor's remuneration

| 2025 | 2024
| £ | £
Fees payable for the audit of the financial statements | 9,500 | 9,245
| ------- | -------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services | 10,470 | 12,145
| -------- | --------

7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Production staff | 47 | 52
Administrative staff | 9 | 10
| ---- | ----
| 56 | 62
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2025 | 2024
| £ | £
Wages and salaries | 2,244,133 | 2,444,606
Social security costs | 238,950 | 259,970
Other pension costs | 238,170 | 56,696
| ------------ | ------------
| 2,721,253 | 2,761,272
| ------------ | ------------

8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| 2025 | 2024
| £ | £
Remuneration | 123,380 | 305,105
Company contributions to defined contribution pension plans | 183,250 | 3,127
| --------- | ---------
| 306,630 | 308,232
| --------- | ---------

The number of directors who accrued benefits under company pension plans was as follows:

| 2025 | 2024
| No. | No.
Defined contribution plans | 3 | 3
| ---- | ----

Remuneration of the highest paid director in respect of qualifying services:

| 2025 | 2024
| £ | £
Aggregate remuneration | 71,377 | 120,801
Company contributions to defined contribution pension plans | 63,250 | –
| --------- | ---------
| 134,627 | 120,801
| --------- | ---------

9. Other interest receivable and similar income

| 2025 | 2024
| £ | £
Interest on cash and cash equivalents | 2,356 | 2,162
| ------- | -------

10. Interest payable and similar expenses

| 2025 | 2024
| £ | £
Interest on banks loans and overdrafts | 12,475 | 3,645
Interest on obligations under finance leases and hire purchase contracts | 55,420 | 48,630
| -------- | --------
| 67,895 | 52,275
| -------- | --------

11. Tax on profit
Major components of tax expense

| 2025 | 2024
| £ | £

Current tax:

UK current tax expense | 262,954 | 126,718
Adjustments in respect of prior periods | ( 24) | –
| --------- | ---------
Total current tax | 262,930 | 126,718
| --------- | ---------

Deferred tax:

Origination and reversal of timing differences | 19,267 | ( 54,516)
| --------- | --------
Tax on profit | 282,197 | 72,202
| --------- | --------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 1,366,514 | 627,078
| ------------ | ---------
Profit on ordinary activities by rate of tax | 341,629 | 156,769
Adjustment to tax charge in respect of prior periods | ( 24) | –
Effect of expenses not deductible for tax purposes | 20,635 | 5,697
Effect of capital allowances and depreciation | 875 | 519
R&D tax adjustment | ( 80,918) | ( 90,783)
| ------------ | ---------
Tax on profit | 282,197 | 72,202
| ------------ | ---------

12. Intangible assets

| Patents, trademarks and licences
| £
Cost |
At 1 July 2024 and 30 June 2025 | 28,500
| --------
Amortisation |
At 1 July 2024 | 12,113
Charge for the year | 2,850
| --------
At 30 June 2025 | 14,963
| --------
Carrying amount |
At 30 June 2025 | 13,537
| --------
At 30 June 2024 | 16,387
| --------

13. Tangible assets

| Leasehold property improvements | Plant and machinery | Fixtures and fittings | Motor vehicles | Equipment | Total
| £ | £ | £ | £ | £ | £
Cost |  |  |  |  |  |
At 1 Jul 2024 | 120,136 | 6,528,586 | 225,183 | 185,902 | 107,354 | 7,167,161
Additions | 56,281 | 603,729 | 38,589 | 179,315 | 6,139 | 884,053
Disposals | – | ( 330,000) | – | ( 152,274) | – | ( 482,274)
| --------- | ------------ | --------- | --------- | --------- | ------------
At 30 Jun 2025 | 176,417 | 6,802,315 | 263,772 | 212,943 | 113,493 | 7,568,940
| --------- | ------------ | --------- | --------- | --------- | ------------
Depreciation |  |  |  |  |  |
At 1 Jul 2024 | 4,777 | 4,100,726 | 141,038 | 81,203 | 68,151 | 4,395,895
Charge for the year | 3,499 | 379,936 | 15,353 | 38,171 | 15,863 | 452,822
Disposals | – | ( 103,500) | – | ( 73,130) | – | ( 176,630)
| --------- | ------------ | --------- | --------- | --------- | ------------
At 30 Jun 2025 | 8,276 | 4,377,162 | 156,391 | 46,244 | 84,014 | 4,672,087
| --------- | ------------ | --------- | --------- | --------- | ------------
Carrying amount |  |  |  |  |  |
At 30 Jun 2025 | 168,141 | 2,425,153 | 107,381 | 166,699 | 29,479 | 2,896,853
| --------- | ------------ | --------- | --------- | --------- | ------------
At 30 Jun 2024 | 115,359 | 2,427,860 | 84,145 | 104,699 | 39,203 | 2,771,266
| --------- | ------------ | --------- | --------- | --------- | ------------

Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

| Plant and machinery
| £
At 30 June 2025 | 1,472,865
| ------------
At 30 June 2024 | 1,560,302
| ------------

14. Stocks

| 2025 | 2024
| £ | £
Raw materials and consumables | 349,553 | 542,253
| --------- | ---------

15. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 2,410,228 | 2,013,816
Prepayments and accrued income | 277,945 | 102,059
Other debtors | 5,819 | 8,369
| ------------ | ------------
| 2,693,992 | 2,124,244
| ------------ | ------------

16. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 40,604 | 33,748
Trade creditors | 1,097,731 | 952,545
Accruals and deferred income | 137,563 | 64,902
Corporation tax | 262,940 | 174,649
Social security and other taxes | 196,455 | 285,149
Obligations under finance leases and hire purchase contracts | 319,704 | 349,343
Director loan accounts | 6,999 | 8,439
| ------------ | ------------
| 2,061,996 | 1,868,775
| ------------ | ------------

Included within creditors falling due within one year, is an amount of £319,704, (2024: £349,343) in relation to hire purchase contracts, which are secured on the assets which they relate to.
Included within creditors falling due within one year, are bank loans amounting to £40,604 (2024: £33,748) which are secured by a fixed charge on the assets of the company.
17. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 121,396 | 163,586
Obligations under finance leases and hire purchase contracts | 654,940 | 559,282
| --------- | ---------
| 776,336 | 722,868
| --------- | ---------

Included within creditors falling due after one year, is an amount of £654,940, (2024: £559,282) in relation to hire purchase contracts, which are secured on the assets which they relate to.
Included within creditors falling due after one year, are bank loans amounting to £121,396 (2024: £163,586) which are secured by a fixed charge on the assets of the company.
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 319,704 | 349,343
Later than 1 year and not later than 5 years | 654,940 | 559,282
| --------- | ---------
| 974,644 | 908,625
| --------- | ---------

19. Provisions

| Deferred tax (note 20)
| £
At 1 July 2024 | 646,225
Additions | 19,267
| ---------
At 30 June 2025 | 665,492
| ---------

20. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| 2025 | 2024
| £ | £
Included in provisions (note 19) | 665,492 | 646,225
| --------- | ---------

The deferred tax account consists of the tax effect of timing differences in respect of:

| 2025 | 2024
| £ | £
Accelerated capital allowances | 665,492 | 646,225
| --------- | ---------

21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 54,920 (2024: £ 53,569 ).
22. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 1 each | 269 | 269 | 269 | 269
| ---- | ---- | ---- | ----

The Share capital can be broken down into the following classes:- 165 Ordinary A shares of £1 each (2024: 165) 104 Ordinary C shares of £1 each (2024: 104) The Ordinary A and C shares have full voting and dividend rights with full rights to participate in capital distribution on winding up.
23. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Employee ownership trust
On 31 July 2024, the entire issued share capital of the company was acquired by an Employee Ownership Trust (“EOT”) established for the long-term benefit of the company’s employees. The EOT acquired the shares from the former shareholders for total consideration of £10m.
The EOT financed £2.15m, of the purchase price during the year through a contribution received from the company. The remaining £7.85m is owed by the EOT to the former shareholders at the year end. This liability is not an obligation of the company.
The company may make further discretionary contributions to the EOT in future periods to enable it to service this liability, subject to its financial performance and available reserves.
The contribution of £2.15m made by the company to the EOT during the year has been recognised as a distribution to shareholders and charged directly to retained earnings.
25. Analysis of changes in net debt

| At 1 Jul 2024 | Cash flows | At 30 Jun 2025
| £ | £ | £
Cash at bank and in hand | 1,621,475 | (1,302,027) | 319,448
Debt due within one year | (391,530) | 24,223 | (367,307)
Debt due after one year | (722,868) | (53,468) | (776,336)
| ------------ | ------------ | ---------
| 507,077 | ( 1,331,272) | ( 824,195)
| ------------ | ------------ | ---------

26. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 160,960 | 146,100
Later than 1 year and not later than 5 years | 606,478 | 545,540
Later than 5 years | 360,000 | 517,500
| ------------ | ------------
| 1,127,438 | 1,209,140
| ------------ | ------------

27. Related party transactions
During the year, the company became indirectly owned by an Employee Ownership Trust ("EOT"). The EOT acquired 100% of the company's share capital from the previous shareholders for £10m. The EOT funded £2.15m of the purchase consideration through a contribution from the company during the year. The remaining £7.85m is owed by the EOT to the former shareholders and is not a liability of the company. Future contributions to the EOT will be made at the discretion of the directors, subject to the company's financial position and cash flows. The company trades from premises owned by a pension scheme, the beneficiaries of which are the current and previous directors. During the year, £128,975 of rent was paid to the pension scheme (2024: £125,000). Mr C W Cox a director, was owed £3,545 (2024: £4,564) from the company at the year end. No interest was charged during the year and the loan is repayable on demand. Mr J M Cox a director, was owed £3,454 (2024: £3,875) from the company at the year end. No interest was charged during the year and the loan is repayable on demand.